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S 2947 IS
111th CONGRESS
2d Session
S. 2947
To amend the Internal Revenue Code of 1986 to classify automatic fire sprinkler systems as 5-year property for purposes of depreciation.
IN THE SENATE OF THE UNITED STATES
January 22, 2010
Mr. CARPER (for himself and Ms. COLLINS) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to classify automatic fire sprinkler systems as 5-year property for purposes of depreciation.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. CLASSIFICATION OF AUTOMATIC FIRE SPRINKLER SYSTEMS.
(a) In General- Subparagraph (B) of section 168(e)(3) of the Internal Revenue Code of 1986 (relating to 5-year property) is amended by striking ‘and’ at the end of clause (vi), by striking the period at the end of clause (vii) and inserting ‘, and’, and by adding at the end the following:
(b) Alternative System- The table contained in section 168(g)(3)(B) of the Internal Revenue Code of 1986 is amended by inserting after the item relating to subparagraph (B)(vii) the following:
7’.
(c) Definition of Automatic Fire Sprinkler System- Subsection (i) of section 168 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
‘(20) AUTOMATED FIRE SPRINKLER SYSTEM- The term ‘automated fire sprinkler system’ means those sprinkler systems classified under one or more of the following publications of the National Fire Protection Association--
‘(A) NFPA 13, Installation of Sprinkler Systems,
‘(B) NFPA 13 D, Installation of Sprinkler Systems in One and Two Family Dwellings and Manufactured Homes, and
‘(C) NFPA 13 R, Installation of Sprinkler Systems in Residential Occupancies up to and Including Four Stories in Height.’.
(d) Effective Date- The amendments made by this section shall apply to property placed in service after April 11, 2003.
(e) Waiver of Limitations- If refund or credit of any overpayment of tax resulting from the amendments made by this section is prevented at any time before the close of the 1-year period beginning on the date of the enactment of this Act by the operation of any law or rule of law (including res judicata), such refund or credit may nevertheless be made or allowed if claim therefor is filed before the close of such period.
U.S. Congress - Text of S.2947 as Introduced in Senate Fire Sprinkler Incentive Act of 2010
