Bill > S504

This bill proposes to amend 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 write off the cost of these installations more quickly on their taxes. To qualify, the sprinkler systems must meet National Fire Protection Association (NFPA) standards, be installed in residential properties, and be added to buildings that: (1) were constructed before the installation, and (2) have at least one occupiable floor more than 75 feet above the level where fire department vehicles can access the building. This tax treatment is designed to encourage property owners to upgrade older high-rise buildings with modern fire safety systems by making such installations more financially attractive through accelerated tax depreciation. The amendments would take effect immediately after the bill's enactment, potentially providing a new incentive for improving fire safety in tall residential structures.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/504/all-info