Bill > S05488

This bill provides a tax credit for residential property owners who install fire sprinkler systems in their homes. The credit is equal to 25% of the cost of labor and materials for the installation, but only applies to properties in municipalities that do not already require fire sprinkler systems. If the credit amount exceeds the taxpayer's annual tax liability, the excess will be treated as an overpayment to be credited or refunded, though no interest will be paid. The bill amends the tax law to add these new provisions.