Fire Sprinkler Incentive Act Introduced
October 2, 2015
On September 22, the Fire Sprinkler Incentive Act (FSIA) was introduced in both the House and Senate. The House bill, H.R. 3591, was introduced by Representatives Tom Reed (R-NY) and James Langevin (D-RI) while the Senate bill, S. 2068, was introduced by Senators Susan Collins (R-ME) and Thomas Carper (D-DE).
FSIA would reduce the tax depreciation rate on fire sprinklers installed in high-rise residential properties from 39 years to 15 years. It would also classify ‘automated fire sprinklers’ as a type of equipment that small business owners can receive a tax credit for installing in commercial properties. The effectiveness of sprinkler systems in extinguishing fires or extending the time available for firefighters to respond is indisputable. Unfortunately, due to the cost there has been little movement by property owners to install these systems.
“I’d like to thank Senators Collins and Carper as well as Representatives Reed and Langevin for introducing this critical piece of legislation,” said NVFC Chairman Kevin D. Quinn. “Fire sprinklers save lives. Reducing the cost to business owners of installing sprinkler systems is a common sense step that will make our communities safer.”