Bill > A04439

This bill provides a 25% tax credit to residential property owners for the cost of labor and materials needed to install fire sprinkler systems, as defined by the Executive Law, in municipalities that do not already require such systems. The credit can be claimed against the personal income tax or the corporate franchise tax, and any excess credit amount will be treated as an overpayment of tax to be credited or refunded, though no interest will be paid on the refund. The bill aims to incentivize the installation of fire sprinkler systems in residential properties to improve fire safety.