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Tax Breaks for Installing Fire Sprinklers in High-Rise Residential Buildings.

This legislation amends tax law to allow owners of existing high-rise residential buildings to deduct the cost of installing modern fire sprinkler systems much faster. The goal is to incentivize safety upgrades in older high-rises, directly enhancing the fire safety and protection for residents living in these structures. This accelerated depreciation applies to buildings over 75 feet tall.
Key points
Owners of tall residential buildings (over 75 feet) can deduct the cost of new sprinkler systems from their taxes more quickly.
The accelerated tax write-off (15-year depreciation) encourages improved fire safety standards in older high-rise properties.
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Expired
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Additional Information
Print number: 118_S_4234
Sponsor: Sen. Bennet, Michael F. [D-CO]
Process start date: 2024-05-01
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

High Rise Fire Sprinkler Incentive Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4234.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-05-01.

What are the main provisions?

Key points include:

  • Owners of tall residential buildings (over 75 feet) can deduct the cost of new sprinkler systems from their taxes more quickly.
  • The accelerated tax write-off (15-year depreciation) encourages improved fire safety standards in older high-rise properties.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Bennet, Michael F. [D-CO].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Real Estate Security