119-s504

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 504 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 504

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

_______________________________________________________________________

 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>