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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.
2/11/2025, 11:56 AM
Summary of Bill S 504
Bill 119 s 504, also known as the Automatic Fire Sprinkler System Retrofit Act, aims to make changes to the Internal Revenue Code of 1986. Specifically, the bill seeks to classify certain automatic fire sprinkler system retrofits as 15-year property for the purpose of depreciation.
This means that businesses or property owners who install automatic fire sprinkler systems in their buildings would be able to depreciate the cost of these systems over a 15-year period, rather than the standard 39-year period. This change is intended to incentivize more businesses and property owners to invest in these life-saving safety measures.
By allowing for a shorter depreciation period, the bill aims to make it more financially feasible for businesses to retrofit their buildings with automatic fire sprinkler systems, ultimately improving fire safety and potentially saving lives. The bill does not appear to have any partisan leanings and is focused solely on the practical implications of incentivizing fire safety measures through tax incentives.
This means that businesses or property owners who install automatic fire sprinkler systems in their buildings would be able to depreciate the cost of these systems over a 15-year period, rather than the standard 39-year period. This change is intended to incentivize more businesses and property owners to invest in these life-saving safety measures.
By allowing for a shorter depreciation period, the bill aims to make it more financially feasible for businesses to retrofit their buildings with automatic fire sprinkler systems, ultimately improving fire safety and potentially saving lives. The bill does not appear to have any partisan leanings and is focused solely on the practical implications of incentivizing fire safety measures through tax incentives.
Current Status of Bill S 504
Bill S 504 is currently in the status of Bill Introduced since February 10, 2025. Bill S 504 was introduced during Congress 119 and was introduced to the Senate on February 10, 2025. Bill S 504's most recent activity was Read twice and referred to the Committee on Finance. as of February 10, 2025
Bipartisan Support of Bill S 504
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
0Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 504
Primary Policy Focus
Alternate Title(s) of Bill S 504
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.
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.
Comments
Murphy Sherrill
692
1 year ago
I just don't understand why they're trying to change how we depreciate those fire sprinkler thingies. Seems like a waste of time to me. How will this affect my taxes next year?
Kylo Kramer
741
1 year ago
I dunno bout this bill. It says sumthin bout fire sprinklers and property depreciation. How does this affect me? #confused
Sponsors and Cosponsors of S 504
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