Fire Sprinkler Incentive Act
On February 25, 2009, Congressman Jim Langevin (RI-2) was joined by 55 members of the House of Representatives in reintroducing the Fire Sprinkler Incentive Act, H.R. 1194. The legislation creates tax incentives for property owners to retrofit buildings with automatic fire sprinkler systems. The legislation would reduce the tax depreciation on the sprinkler systems in nonresidential real property from 39 years to only five years. In addition, the benefits of this legislation would include lower local fire department costs, increased loan activity, reduced insurance claims and premium costs, and increased retrofitting and installation jobs.
On January 22, 2010, Senator Thomas Carper (DE) and Senator Susan Collins (ME) introduced companion legislation in the Senate; S. 2947. CFSI’s National Advisory Committee passed a unanimous resolution in support of a tax incentive for the retrofit of fire sprinklers at the fall meeting of 2002. Legislation to achieve this objective was first introduced in April of 2003.
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