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High Rise Fire Sprinkler Incentive Act of 2025
To amend the Internal Revenue Code of 1986 to classify certain automatic fire sprinkler system retrofits as 15-year property for purposes of depreciation.
Summary
This bill would allow automatic fire sprinkler system retrofits in high-rise residential buildings to be depreciated over 15 years for tax purposes. The sprinkler systems must meet National Fire Protection Association standards and be installed in residential buildings taller than 75 feet that were already in use. This tax classification would allow building owners to reduce taxable income faster by deducting the cost of installing or upgrading fire safety equipment. The bill was introduced in the Senate in February 2025 and referred to the Committee on Finance.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
1 cosponsor
Actions (2)
- Feb 10, 2025 Read twice and referred to the Committee on Finance. · senate
- Feb 10, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
February 10, 2025
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “High Rise Fire Sprinkler Incentive Act of 2025”.
SEC. 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. <all>
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