Bill > A08164

This bill provides a tax credit to residential property owners who install fire sprinkler systems in municipalities that do not already require such systems. Specifically, the bill allows taxpayers to claim a tax credit equal to 25% of the labor and materials cost for installing fire sprinkler systems as defined by section 155-a of the executive law. The bill applies to both personal income tax and corporate tax, and if the credit amount exceeds the taxpayer's tax liability for that year, the excess will be treated as an overpayment and can be credited or refunded without interest. The goal appears to be incentivizing the installation of fire sprinkler systems in residential properties to improve fire safety in areas that do not currently mandate such systems. By offering a financial benefit through a tax credit, the bill aims to encourage property owners to invest in these potentially life-saving fire prevention measures.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8164