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Tax incentives for fire sprinkler systems in high-rise residential buildings.

New regulations aim to encourage owners of high-rise residential buildings to install automatic fire sprinkler systems. This allows the costs of such installations to be deducted from taxes more quickly, potentially increasing resident safety.
Key points
Owners of residential buildings over 75 feet tall, built before the act's effective date, can deduct fire sprinkler installation costs from taxes more quickly.
The provisions apply to systems meeting fire safety standards, enhancing life and property protection in high-rise buildings.
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Status: Expired
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Additional Information
Print number: 117_S_3346
Sponsor: Sen. Bennet, Michael F. [D-CO]
Process start date: 2021-12-08