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

The text of the bill below is as of Sep 18, 2014 (Introduced).


I

113th CONGRESS

2d Session

H. R. 5622

IN THE HOUSE OF REPRESENTATIVES

September 18, 2014

(for himself, Mr. Pascrell, Mr. King of New York, Ms. Kuster, Mr. Fitzpatrick, Mr. Cooper, Ms. Norton, Mr. Larson of Connecticut, Mr. Van Hollen, Mr. Holt, Mr. Grijalva, Mr. Johnson of Ohio, and Mr. Israel) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to include automated fire sprinkler system retrofits as section 179 property and classify certain automated fire sprinkler system retrofits as 15-year property for purposes of depreciation.

1.

Short title

This Act may be cited as the Fire Sprinkler Incentive Act .

2.

Automated fire sprinkler system retrofits treated as section 179 property

(a)

In general

Section 179(d)(1)(B) of the Internal Revenue Code of 1986 is amended to read as follows:

(B)

which is—

(i)

automated fire sprinkler system retrofit property (as defined in section 168(i)(20) determined without regard to subparagraph (A)(ii) thereof), or

(ii)

section 1245 property (as defined in section 1245(a)(3)), and

.

(b)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.

3.

Classification of certain automated 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 (viii), by striking the period at the end of clause (ix) and inserting , and , and by adding at the end the following:

(x)

any automated 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:

(J)

Any automated 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)(ix) the following:

(E)(x) 39

.

(d)

Definition of automated fire sprinkler system retrofit property

Section 168(i) of such Code is amended by adding at the end the following new paragraph:

(20)

Automated fire sprinkler system retrofit property

The term automated fire sprinkler system retrofit property means any property which comprises a sprinkler system which—

(A)

is installed in a building or structure which—

(i)

was placed in service before the date on which such sprinkler system is placed in service, and

(ii)

has an occupiable story the floor of which is more than 75 feet above the lowest level of fire department vehicle access, and

(B)

is classified under one or more of the following:

(i)

National Fire Protection Association 13, Installation of Sprinkler Systems.

(ii)

National Fire Protection Association 13 D, Installation of Sprinkler Systems in One and Two Family Dwellings and Manufactured Homes or International Residential Code Section P2904, Dwelling Unit Fire Sprinkler Systems.

(iii)

National Fire Protection Association 13 R, Installation of Sprinkler Systems in Residential Occupancies up to and Including Four Stories in Height.

.

(e)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.