More House members sign onto HR 1824

SSN Staff  - 
Friday, August 1, 2003

WASHINGTON - Six additional members of the U.S House of Representatives have signed on to HR 1824, a bill that seeks to provide tax incentives for the installation of automatic sprinkler systems, according to the American Fire Sprinkler Association. The bill has 49 co-sponsors.

Under H.R. 1824, sprinkler systems would be classified as five-year property for the purpose of depreciation under federal tax codes. That means a system valued at $100,000 could be depreciated at $20,000 a year for five years, compared to depreciation under the schedule that occurs over 30 years, industry officials said.

The new co-sponsors are Rep. Neil Abercrombie, Hawaii, Rep. J. Gresham Barrett, S.C., Rep. Tim Holden, Pa., Rep. Tom Lantos, Calif., Rep. Donald A. Manzullo, Ill. and Rep. Lee Terry, Neb.