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Bill Encourages Retrofitting of Older Buildings with Modern Automatic Fire Sprinklers

On February 14 2007, Senator Gordon Smith (R-OR) announced the re-introduction of S.582, the "Fire Sprinkler Incentive Act of 2007." The bill seeks to address fire safety by amending the Internal Revenue Code to classify automatic fire sprinkler systems as five-year depreciable property.

Currently, retrofitting a building with an automatic fire sprinkler system is costly, and current tax law does not offer incentives for owners to install them because the cost must be depreciated over a long period of time.

This legislation would encourage building owners to install automatic fire sprinkler systems by allowing for a shorter depreciation time.

Co-sponsoring the "Fire Sprinkler Incentive Act of 2007 " were Senators Lamar Alexander (R-TN), John Rockefeller (D-WV), and Jack Reed (D-RI).

To view the full bill click here

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