US Congress Senate Bill 602 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 5-3)
Status: Introduced on March 9 2017 - 25% progression, died in committee
Action: 2017-03-09 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1748-1749)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Fire Sprinkler Incentive Act This bill 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 bill; and (2) accelerated depreciation (i.e., a 15-year recovery period) of automated fire sprinkler system retrofit property that has a certain classification by the National Fire Protection Association and is installed in a building or structure that was placed in service before the sprinkler system and has an occupiable story that is greater than 75 feet above the lowest level of fire department vehicle access. "Automated fire sprinkler system retrofit property" does not include any sprinkler system required to be installed under state or local law due to the degree of additions or improvements made to a building or structure.

Fire Sprinkler Incentive Act

Sen. Susan Collins [R-ME]	Sen. Thomas Carper [D-DE]	Sen. Christopher Coons [D-DE]	Sen. Jack Reed [D-RI]
Sen. Sheldon Whitehouse [D-RI]	Sen. Gary Peters [D-MI]	Sen. Lindsey Graham [R-SC]	Sen. Roy Blunt [R-MO]

Date	Chamber	Action
2017-03-09	Senate	Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1748-1749)

HB1481 (Same As) 2017-03-09 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/602/all-info
Text	https://www.congress.gov/115/bills/s602/BILLS-115s602is.pdf