Bill > S03411

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 labor and material costs associated with installing sprinkler systems, as defined by section 155-a of the executive law, with a maximum annual credit of $5,000 per taxpayer. The bill amends both individual and corporate tax laws to allow this credit, and if the credit amount exceeds the taxpayer's tax liability for the year, the excess will be treated as an overpayment that can be credited or refunded without interest. The tax credit is designed to encourage property owners to enhance fire safety by installing sprinkler systems in residential properties where they are not currently mandated. The bill will take effect immediately and apply to taxable years beginning on or after January 1, 2025, providing a financial incentive for property owners to invest in fire protection equipment.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3411