Tax Incentives for Fire Sprinkler Installation in High-Rise Residential Buildings.
This law introduces new tax benefits for owners of older residential buildings taller than 75 feet. The change allows the cost of installing modern fire sprinkler systems to be deducted much faster (depreciation over 15 years instead of 39 years). The goal is to encourage safety upgrades in high-rise properties, directly enhancing the fire safety and security of residents.
Key points
Owners of high-rise residential buildings (over 75 feet) can deduct the cost of new sprinkler systems from their taxes much faster.
The depreciation period for these safety systems is shortened from 39 years to 15 years, providing a significant financial incentive for safety improvements.
The incentive applies specifically to sprinkler systems retrofitted into existing buildings that were placed in service before the installation date.
Expired
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