|Senate - Fire Sprinkler Incentive Act of 2013
On June 14th, Sen. Tom Carper (D-Del.) and Sen. Susan Collins (R-Maine) introduced legislation to encourage commercial building owners to invest in life-saving fire safety upgrades. The Fire Sprinkler Incentive Act (FSIA) of 2013 strengthens tax incentives for building owners to install fire sprinkler retrofits that can save many lives and countless dollars in property loss from fires every year.Currently, commercial building owners must depreciate fire sprinkler retrofits over a period of 39 years. The FSIA reclassifies fire sprinkler retrofits as 15-year depreciable property, allowing businesses to receive tax benefits more quickly. The bill also provides an option to certain small businesses to qualify for an immediate tax benefit on fire system upgrades. These proposals provide a strong incentive for building owners to install critically-needed fire sprinkler systems. While building codes require sprinklers in new commercial buildings, a great number of structures across the U.S. were built and put in service before sprinklers were required.
Download a copy of the bill
Download Draft Support Letter
House version of the bill is expected soon.
For questions, contact:
Jim "JD" Dalton
National Fire Sprinkler Association
P. O. Box 460
Amissville, VA 20106