Bill > A04020

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 materials cost for installing fire sprinkler systems, as defined by section 155-a of the executive law, with a maximum annual credit of $5,000 per taxpayer. The bill applies to both individual income tax (Section 606 of the tax law) and corporate tax (Section 210-B of the tax law) returns. If the credit amount exceeds the taxpayer's tax liability for the year, the excess will be treated as an overpayment and can be credited or refunded, though no interest will be paid on the overpayment. The bill is designed to incentivize property owners to enhance fire safety by installing sprinkler systems in areas where they are not currently mandated. The tax credit will take effect for taxable years beginning on or after January 1, 2025, giving property owners a financial benefit for investing in fire protection infrastructure.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4020