Bill > S03662

This bill provides a tax credit for residential property owners who install fire sprinkler systems in municipalities that do not already require such systems. The credit is equal to 25% of the cost of labor and materials for the installation, up to a maximum of $5,000 per year. The credit can be claimed against the state personal income tax or the corporate franchise tax, and any excess credit can be treated as an overpayment to be refunded. The bill applies to taxable years beginning on or after January 1, 2022.