II 111th CONGRESS 2d Session S. 2947 IN THE SENATE OF THE UNITED STATES January 22, 2010 Mr. Carper (for himself and Ms. Collins) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to classify automatic fire sprinkler systems as 5-year property for purposes of depreciation.
1.
Short title
This Act may be cited as the Fire Sprinkler Incentive Act of 2010.
2.
Classification of automatic fire sprinkler systems
(a)
In general
Subparagraph (B) of section 168(e)(3) of the Internal Revenue Code of 1986 (relating to 5-year property) is amended by striking and at the end of clause (vi), by striking the period at the end of clause (vii) and inserting , and , and by adding at the end the following: (viii)any automated fire sprinkler system placed in service after April 11, 2003, in a building or structure which was placed in service before such date. . (b)
Alternative system
The table contained in section 168(g)(3)(B) of the Internal Revenue Code of 1986 is amended by inserting after the item relating to subparagraph (B)(vii) the following: (B)(viii)7 . (c)
Definition of automatic fire sprinkler system
Subsection (i) of section 168 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (20)
Automated fire sprinkler system
The term automated fire sprinkler system means those sprinkler systems classified under one or more of the following publications of the National Fire Protection Association— (A)NFPA 13, Installation of Sprinkler Systems, (B)NFPA 13 D, Installation of Sprinkler Systems in One and Two Family Dwellings and Manufactured Homes, and (C)NFPA 13 R, Installation of Sprinkler Systems in Residential Occupancies up to and Including Four Stories in Height. . (d)
Effective date
The amendments made by this section shall apply to property placed in service after April 11, 2003. (e)
Waiver of limitations
If refund or credit of any overpayment of tax resulting from the amendments made by this section is prevented at any time before the close of the 1-year period beginning on the date of the enactment of this Act by the operation of any law or rule of law (including res judicata), such refund or credit may nevertheless be made or allowed if claim therefor is filed before the close of such period.