S.1163 - Fire Sprinkler Incentive Act

A bill to amend the Internal Revenue Code of 1986 to include automated fire sprinkler system retrofits as section 179 property and classify certain automated fire sprinkler system retrofits as 15-year property for purposes of depreciation. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to include automated fire sprinkler system retrofits as section 179 property and classify certain automated fire sprinkler system retrofits as 15-year property for purposes of depreciation. as introduced.
  • Short: Fire Sprinkler Incentive Act as introduced.

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Introduced
 
Senate
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House
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President
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06/13/13
 
 
 
 
 
 
 

Official Summary

Fire Sprinkler Incentive Act - Amends the Internal Revenue Code to allow: (1) 100% expensing in a current taxable year of the cost of automated fire sprinkler system retrofit property, as defined by this Act; and (2) accelerated depreciation (i.e., a 15-year recovery period) of automated fi

Official Summary

Fire Sprinkler Incentive Act - Amends the Internal Revenue Code to allow:
(1) 100% expensing in a current taxable year of the cost of automated fire sprinkler system retrofit property, as defined by this Act; and
(2) accelerated depreciation (i.e., a 15-year recovery period) of automated fire sprinkler system retrofit property that is installed in a building or structure where the floor of any occupiable story is greater than 75 feet above the lowest level of fire department vehicle access and that has a certain classification by the National Fire Protection Association.

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