The Society of Fire Protection Engineers (SFPE) last month announced support for the Fire Sprinkler Incentive Act of 2003. If the act passes, the current federal tax code would be modified to classify sprinkler systems as five-year property for purposes of depreciation, allowing building owners to depreciate the cost of a sprinkler system over an accelerated schedule and recover costs much more...
The Society of Fire Protection Engineers (SFPE) last month announced support for the Fire Sprinkler Incentive Act of 2003.
If the act passes, the current federal tax code would be modified to classify sprinkler systems as five-year property for purposes of depreciation, allowing building owners to depreciate the cost of a sprinkler system over an accelerated schedule and recover costs much more quickly than is possible under current tax codes. The legislation would promote the installation of fire-sprinkler systems in new and existing buildings through tax incentives. Passage of the bill is expected to lead to a reduction in the human and monetary losses incurred as a result of fires in the U.S.
“The incentives that are provided in the Fire Sprinkler Incentive Act will motivate building owners to install these life-saving systems,” said Kathleen Almand, P.E., FSFPE
The bill (H.R. 1824) is assigned to the House of Representatives Ways and Means Committee, and there are currently more than 110 Democrats and Republicans sponsoring the legislation.
