Summary: H.R.1481 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.1481. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/09/2017)

Fire Sprinkler Incentive Act

This bill 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 bill; and (2) accelerated depreciation (i.e., a 15-year recovery period) of automated fire sprinkler system retrofit property that has a certain classification by the National Fire Protection Association and is installed in a building or structure that was placed in service before the sprinkler system and has an occupiable story that is greater than 75 feet above the lowest level of fire department vehicle access.

"Automated fire sprinkler system retrofit property" does not include any sprinkler system required to be installed under state or local law due to the degree of additions or improvements made to a building or structure.