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Tax incentives proposed for home furnishings purchases

Bill would give deductions, credits to consumers, retailers

Larry Thomas — Furniture Today, July 31, 2009

WASHINGTON — Two Georgia congressmen have filed a bill that would give a variety of income tax deductions and credits to consumers and retailers who purchase home furnishings and building products.

Known as the Home Improvements Revitalize the Economy (Hire) Act of 2009, the bill is designed to stimulate two industries the congressmen say have $67 billion in economic value.

“Not only would this bill help stimulate the manufacturing market for home furnishings and building products, it would save and create retail jobs, generate billions in revenue and increase home values at a time when we really need a boost,” said Rep. Hank Johnson, a Democrat who is co-sponsoring the bill with Republican Rep. Nathan Deal.

The bill would provide a tax deduction of up to $2,000 for families with household income of $300,000 or less who purchase qualifying home furnishings or building products through Dec.31, 2011.

The deduction could be taken even if the taxpayer doesn’t itemize other deductions.

For lower income families, the bill allows a tax credit of up to $500 for qualifying purchases. The income ceiling for the credit was not immediately clear.

In addition, retailers and contractors who purchase home furnishings and building products for resale to consumers are eligible for a tax credit of 10% of the wholesale purchase price. The credit would be capped at $10,000 annually.

The applicable deduction or credit would be doubled if the products meet recognized environmental standards such as Energy Star or LEED, according to the bill.

The bill defines qualified building products and home furnishings as those which are used in the taxpayer’s principal residence and installed within six months of the purchase date. Electronics, appliances, housewares, artwork, photographs and “other home decorations” are not eligible for any of the proposed deductions or credits.

The measure has been endorsed by the International Sleep Products Assn., the American Home Furnishings Alliance and the National Home Furnishings Assn.

The three groups are among 14 trade associations that make up the American Home Furnishings and Building Products Coalition, which was formed last December.

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Even without tax incentives, and even if you don’t live in Georgia, this is a great time to invest in at least some of the wonderful new things for your home that you know you’ve been dreaming of!  Not only will prices never be lower (and in some cases, may already be discounted), but it would still help stimulate the economy, which can only benefit us all.  Plus, you’d then get all that enjoyment of your newly redesigned home for years to come!

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remodelling-buyers-market

If you’ve put remodelling and redecorating plans on hold because of the economy and thinking you can’t afford to do it right now, it’s definitely time to rethink that position, for a variety of reasons.

If you’re like many people, you’re likely spending more time at home these days instead of out and about, eating out, going to theater and concerts, travelling, etc. So why not be sure the space you’re spending all this additional time in is your dream place to be?

Unlike the money you spend on vacations and the like, which brings fleeting joy, the money you invest into your home may pay back when it comes time to sell, but just as importantly (or even more so), it will also reward you psychically and emotionally every single day you live there by making your home even more comfortable for every day living. Wouldn’t it be wonderful to come home at the end of each day and feel that thrill of being in a space that you love and that nurtures you no matter what else is going on in your world? To have a home that you actually don’t even want to leave?

You don’t have to spend a lot of money, if you don’t want to or really can’t afford to – even just a fresh coat of paint, some new throw pillows, a new painting or area rug, or moving the artwork or furniture you already have around to different locations can give you a facelift and needed boost. New lighting, new fixtures, and new hardware for your doors and cabinetry are other inexpensive upgrades that can pack a lot of punch.

Don’t know quite what to do, and can’t afford to hire a designer to do the whole thing? Most will consult on an hourly basis to give you any needed advice that can help you avoid expensive mistakes, and to get you pointed in the right direction to complete the job yourself.

However, if you can possibly come up with the cash, now is very definitely the time to go ahead those more major remodelling projects you’ve been putting off, or to remodel a home you’d hoped to sell but now find you have to remain in.

(more…)

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