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...
Simple Explanation
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.