S. 4234 seeks to amend the Internal Revenue Code of 1986 to classify certain retrofitted automatic fire sprinkler systems as 15-year property for depreciation purposes. This change aims to provide incentives for installing sprinkler systems by allowing owners faster...
The bill wants to make it easier and cheaper to put fire sprinklers in tall buildings by letting owners pay less tax over time. It says new sprinklers can be counted differently for tax purposes to save money.
H.R. 8135, also known as the “High Rise Fire Sprinkler Incentive Act of 2024,” proposes changes to the Internal Revenue Code to allow certain automatic fire sprinkler system retrofits to be classified as 15-year property for depreciation purposes. This classification applies to sprinkler...
H.R. 8135 wants to let people who install special fire sprinklers in tall buildings save a little money on taxes by spreading out the cost over 15 years. These sprinklers have to meet certain rules to get this benefit.
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