3.0.0 602 2023-01-11T13:36:17Z 2023-01-11T13:36:17Z Senate S 2017-03-09 115 ssfi00 Finance Committee Senate Standing Referred to 2017-03-09T21:42:41Z Fire Sprinkler Incentive Act 115 1481 HR 2017-03-09 Referred to the House Committee on Ways and Means. Identical bill CRS 2017-03-09 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1748-1749) IntroReferral 2017-03-09 Introduced in Senate IntroReferral 10000 9 Library of Congress C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. N C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. 2017-03-09 True C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2017-03-27 False R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2017-04-24 False W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2017-05-23 False P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2017-07-25 False G000359 Sen. Graham, Lindsey [R-SC] Lindsey Graham R SC 2017-07-25 False B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2017-09-07 False Taxation Business investment and capital Fires Income tax deductions Taxation 00 2017-03-09 Introduced in Senate 2017-05-02T20:41:02Z Fire Sprinkler Incentive Act

This bill amends the Internal Revenue Code to allow: (1) 100% expensing in a current taxable year of the cost of automated fire sprinkler system retrofit property, as defined by this bill; and (2) accelerated depreciation (i.e., a 15-year recovery period) of automated fire sprinkler system retrofit property that has a certain classification by the National Fire Protection Association and is installed in a building or structure that was placed in service before the sprinkler system and has an occupiable story that is greater than 75 feet above the lowest level of fire department vehicle access.

"Automated fire sprinkler system retrofit property" does not include any sprinkler system required to be installed under state or local law due to the degree of additions or improvements made to a building or structure.

]]> Fire Sprinkler Incentive Act Display Title Fire Sprinkler Incentive Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to include automated fire sprinkler system retrofits as section 179 property and classify certain automated fire sprinkler system retrofits as 15-year property for purposes of depreciation. Introduced in Senate IS Short Titles as Introduced Fire Sprinkler Incentive Act Introduced in Senate 2017-03-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s602is/xml/BILLS-115s602is.xml 2017-03-09 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1748-1749) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.