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...
Simple Explanation
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.