National Fire Sprinkler Association Applauds Policy Makers for Including Fire Sprinkler Incentives in Tax Reform
WASHINGTON, Dec. 21, 2017 /PRNewswire-USNewswire/ — The National Fire Sprinkler Association (NFSA) praised sponsors and co-sponsors for their consistent leadership over the years that ensured fire sprinklers were included in the tax reform legislation passed by the House and Senate yesterday. The Fire Sprinkler Incentive Act has been pushed for years. Fire protection has now been included and overall fire and life safety systems have joined other tax incentives such as roofing, HVAC and security alarm systems.
The Tax Cuts and Jobs Act contained several critically important provisions which will provide significant incentives for property owners to install fire sprinklers. These include:
- Small businesses will now be able to fully expense installation of fire sprinklers under section 179 of the tax code up to a cap of $1 million in each year of expense. This will allow for the retrofit and upgrading of numerous occupancies such as nightclubs. In addition, small businesses that may need to borrow money to pay for the retrofit will be able to fully deduct the interest expense on the loan.
- Larger entities can fully expense capital expenses over the next five years. Starting in 2023, the amount that can be expensed will slowly taper down. This part of the provision means that fire chiefs and local policy officials can now ensure business owners have five years for full expensing, which we believe will provide the opportunity for many high-rise and other high-risk occupancy buildings to improve their fire safety features.
You might also like
- IFS among Top 100 Contractors in the country
- IFS Opens Stainless Steel Fabrication Facility
- IFS Receives Outstanding Mechanical Installation Award
- Hot Weather Safety Tips