Washington DC - The International Sleep Products Association (ISPA) in the US has given its support to a new bipartisan bill, introduced by Congressmen Hank Johnson and Nathan Deal, designed to help consumers to purchase home furnishings and buildings products.
HR 3382, the Home Improvements Revitalize the Economy (HIRE) Act, calls for targeted consumer tax incentives for purchases such as mattresses, furniture and paint products.
"As a result of the housing crisis and the economic downturn, the home furnishings and building-products industries have been severely impacted," said ISPA president, Dick Doyle. "In 2007 and 2008, the industries represented by our coalition lost $67 billion in direct economic value and lost 273 000 American jobs. If nothing is done, these industries will lose another $74 billion, and 299 000 jobs in 2009," he added.
Provisions of the HIRE Act, which applies to households with income up to $300 000, provide a tax deduction of $2000 per family and tax credits of $500 for the purchase of qualifies home furnishing products. "These credits are doubled for products meeting certain environmental certifications," the statement sad, adding that retailers would be eligible for related tax credits of up to $10 000 under provisions of the bill. (RD)