The bill would classify certain automatic fire sprinkler retrofits as 15-year property for tax depreciation. A qualifying system must meet National Fire Protection Association 13 standards, be installed in residential property, and be added to an existing building with an occupiable floor more than 75 feet above the lowest level where fire department vehicles can reach. Under the alternative depreciation system, the bill lists this property with a 39-year period. The changes would apply after enactment.
Owners installing qualifying sprinkler systems in existing high-rise residential buildings would use the depreciation classifications set out in the bill. The bill does not state how much an owner might save in taxes.
The bill provides no estimate of project costs or federal revenue effects.
No publicly available information.
No publicly available information.