High Rise Fire Sprinkler Incentive Act of 2024

Bill: 118-s-4234
Sponsor: full_name: Sen. Bennet, Michael F. [D-CO]
Introduced: 2024-05-01
Policy area: Taxation
Latest action: action_date: 2024-05-01
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2024-05-01
action_desc: Introduced in Senate
text: <p><strong>High Rise Fire Sprinkler Incentive Act of 2024</strong></p><p>This bill classifies any automatic&nbsp;fire sprinkler system retrofit property as 15-year property for purposes of accelerated depreciation using the straight line method.&nbsp;Such property is installed for use in residential property.</p>

tv_txt: II 118th CONGRESS 2d Session S. 4234 IN THE SENATE OF THE UNITED STATES May 1, 2024 Mr. Bennet (for himself and Ms. Collins ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to classify certain automatic fire sprinkler system retrofits as 15-year property for purposes of depreciation.

1. Short title This Act may be cited as the High Rise Fire Sprinkler Incentive Act of 2024 . 2. Classification of certain automatic fire sprinkler system retrofits (a) Treatment as 15-Year property Section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (vi), by striking the period at the end of clause (vii) and inserting , and , and by adding at the end the following: (viii) any automatic fire sprinkler system retrofit property. . (b) Applicable depreciation method Section 168(b)(3) of such Code is amended by adding at the end the following new subparagraph: (H) Any automatic fire sprinkler system retrofit property. . (c) Alternative system The table contained in section 168(g)(3)(B) of such Code is amended by inserting after the item relating to subparagraph (E)(vii) the following: (E)(viii) 39 (d) Definition of automatic fire sprinkler system retrofit property Section 168(i) of such Code is amended by adding at the end the following new paragraph: (20) Automatic fire sprinkler system retrofit property The term automatic fire sprinkler system retrofit property means any sprinkler system which— (A) meets the standards of National Fire Protection Association 13 (or any successor benchmark), (B) is installed for use in residential property, and (C) is installed in a building which— (i) was placed in service before the date of such installation, and (ii) has an occupiable floor more than 75 feet above the lowest level of fire department vehicle access. . (e) Effective date The amendments made by this section shall apply after the date of enactment of this Act.