Summary: This major tax reform legislation includes Section 179 tax benefits affecting fire sprinkler installation.
Background:
Section 179 of the U.S. Internal Revenue Code allows small businesses to write off the full cost of commercial fire sprinkler systems as an expense up to $1.04 million.
This benefit enables many small businesses to immediately recover the costs of the upfront investment.
The new Section 179 deduction applies to upgrading existing systems or retrofitting systems in existing commercial (not residential) structures.
This legislation was the culmination of a 15-year fight to class fire sprinklers as Section 179 property through work on the Fire Sprinkler Incentive Act.
Status: The bill became P.L.115-97.
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