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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Fire Sprinkler Incentive Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

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.


Actions Overview (1)

Date
03/09/2017Introduced in Senate

All Actions (1)

Date
03/09/2017Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1748-1749)
Action By: Senate

Cosponsors (7)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Carper, Thomas R. [D-DE]* 03/09/2017
Sen. Coons, Christopher A. [D-DE] 03/27/2017
Sen. Reed, Jack [D-RI] 04/24/2017
Sen. Whitehouse, Sheldon [D-RI] 05/23/2017
Sen. Peters, Gary C. [D-MI] 07/25/2017
Sen. Graham, Lindsey [R-SC] 07/25/2017
Sen. Blunt, Roy [R-MO] 09/07/2017

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance03/09/2017 Referred to

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Subjects (4)


Latest Summary (1)

There is one summary for S.602. View summaries

Shown Here:
Introduced in Senate (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.