This bill provides a tax incentive to encourage fire safety upgrades in tall residential buildings by allowing owners to depreciate automatic fire sprinkler system retrofits over 15 years instead of longer periods, which reduces their taxable income and lowers the cost of these improvements. The tax benefit applies to sprinkler systems that meet National Fire Protection Association standards and are installed in residential buildings taller than 75 feet that were built before the law takes effect. The legislation targets building owners and developers of older high-rise residential properties, making it more financially attractive for them to install or upgrade fire safety systems. There is no specific funding amount allocated since this is a tax code change that reduces federal revenue rather than an appropriation; the incentive takes effect immediately upon enactment. By lowering the effective cost of sprinkler retrofits, the bill aims to improve fire safety in existing tall apartment buildings and residential towers across the country.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.