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H.R. 5622 (113th): Fire Sprinkler Incentive Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


9/18/2014--Introduced. Fire Sprinkler Incentive Act - Amends the Internal Revenue Code to allow: (1) 100% expensing in a current taxable year of the cost of automated fire sprinkler system retrofit property, as defined by this Act; and (2) accelerated depreciation (i.e., a 15-year recovery period) of automated fire sprinkler system retrofit property that is installed in a building or structure where the floor of any occupiable story is greater than 75 feet above the lowest level of fire department vehicle access and that has a certain classification by the National Fire Protection Association.