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Congressmen Jim Langevin (D-RI) and Tom Reed (R-NY) have introduced the Fire Sprinkler Incentive Act of 2015, which would create expedited tax incentives for property owners to install automatic fire sprinkler systems. Companion legislation was introduced by Senators Susan Collins (R-ME) and Tom Carper (D-DE).
The Fire Sprinkler Incentive Act would make changes to the current tax code, providing an incentive to business owners for building safety improvements by making them eligible for Section 179 expensing or decreasing the current depreciation schedule from 39 years to 15 years. This legislation is supported by the Congressional Fire Services Institute (CFSI) and was drafted in response to Rhode Island’s Station Nightclub Fire that killed 100 people in 2003.
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