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Fire Sprinkler Incentive Act of 2013 Introduced in U.S. Senate

Senators Carper and Collins introduced the Fire Sprinkler Incentive Act of 2013.

On June 14th, Senators Tom Carper (D-Delaware) and Susan Collins (R-Maine) introduced legislation, S. 1163, to encourage commercial building owners to invest in lifesaving 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.

“I often say that an ounce of prevention is worth a pound of cure, and that is certainly the case with unexpected and often tragic fires,” said Carper. “Each year, we lose thousands of lives and billions of dollars of property due to building fires. One way to reduce those numbers is to ensure that building owners are able to employ modern, effective fire sprinkler systems.”

A House version of the bill is expected soon.

See the full details of the proposed Fire Sprinkler Incentive Act of 2013.

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