HIRE Act of 2009 Would Help the Remodeling Industry

More help for the remodeling industry could be on the way in the form of a tax credit that would stimulate the purchase of kitchen cabinets and other remodeling and home furnishing improvements.

Congressmen Henry Johnson (D-GA) and Nathan Deal (R-GA) have sponsored the legislation called the Home Improvement Revitalize the Economy (HIRE) Act of 2009. The Act would give individual consumers and joint filers respectively a $2,000 or $4,000 tax credit for purchasing items that meet recognized environmental standards (LEED, NAHB, Green Globes, SFI/FSC and ESP). Retailers, contractors and building product resellers can receive up to $10,000 for covered purchases.

“Not only would this help stimulate the manufacturing market for home furnishings and buildings products, it would save retail jobs, generate billions in revenue and increase home values at the time when we really need a boost,” according to Johnson. “By creating this tax deduction, we will offer incentives for consumers who would otherwise forego spending in 2009 and 2010. We will encourage environmentally sound practices by doubling the benefits for the purchase of building products and home furnishings that meet nationally recognized environmental standards.”

Check out the recent article in Professional Remodeling online or the KCMA website to learn more.

What can you do to support this bill? Contact your representative and ask that he or she co-sponsor the bill.