Bill > HR173

This bill proposes to modify the Internal Revenue Code to provide tax incentives for installing automatic fire sprinkler systems in high-rise residential buildings. Specifically, the bill would classify automatic fire sprinkler system retrofits as 15-year property for depreciation purposes, which means building owners can more quickly recover the cost of these safety improvements through tax deductions. To qualify, the fire sprinkler systems must meet National Fire Protection Association standards, be installed in residential properties, and be added to buildings that are more than 75 feet above the lowest level of fire department vehicle access and were originally constructed before the sprinkler installation. The changes would allow property owners to depreciate these fire safety upgrades over a 15-year period, potentially making such critical safety retrofits more financially attractive by providing a faster tax benefit. The bill aims to incentivize the installation of fire sprinkler systems in older high-rise residential buildings, which could help improve overall building safety and potentially reduce fire-related risks and damages.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/173/all-info