S. 504

Summary

S. 504, the High Rise Fire Sprinkler Incentive Act of 2025, was introduced in the Senate on Feb 10, 2025 by Sen. Michael Bennet (D) with 1 co-sponsor. It was referred to Finance, and last saw action on Feb 10, 2025: Read twice and referred to the Committee on Finance.

Record

Text

S. 504 has 1 co-sponsor.

119 S504 IS: High Rise Fire Sprinkler Incentive Act of 2025
 U.S. Senate
 2025-02-10
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 504  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.
1.
Short title
This Act may be cited as the   High Rise Fire Sprinkler Incentive Act of 2025  .
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.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

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.

Sponsors

Sen. Michael Bennet (D) sponsors S. 504, and 1 member has co-sponsored it from the day it was introduced.

Michael Bennet

Sen. · D–CO · Sponsor

Introduced Feb 10, 2025

Susan Collins

Sen. · R–ME · Co-sponsor

Joined Feb 10, 2025 · Original

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Committees

S. 504 went before 1 committee: Finance.

Finance

Finance

Referred To · Feb 10, 2025 · 902 Bills

Actions

S. 504 has taken 2 actions since Feb 10, 2025.

Votes

S. 504 has not gone to a roll call.

Related bills

1 bill is related to S. 504, as Identical bill.

HR 173High Rise Fire Sprinkler Incentive Act of 2025Jan 3, 2025 · Referred to the House Committee on Ways and Means. · Identical bill

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Titles

S. 504 goes by 3 titles, 1 of them short titles.

• High Rise Fire Sprinkler Incentive Act of 2025 — Display Title
• High Rise Fire Sprinkler Incentive Act of 2025 — Short Title(s) as Introduced
• 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. — Official Title as Introduced

Lobbying

5 clients hired 5 firms and 14 registered lobbyists who named S. 504 in 29 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Budget/Appropriations, Housing, Disaster Planning/Emergencies, Taxation/Internal Revenue Code, Health Issues, Communications/Broadcasting/Radio/TV, Consumer Issues/Safety/Products, Homeland Security.

Clients

Who paid to be heard, by how many filings named the bill.

Firms

Registrants who filed on the bill, by filings.

Lobbyists

Named on the filings that cite the bill.

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

Classification

The Congressional Research Service files S. 504 under Taxation, one of its 31 policy areas, and gives it 4 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; S. 504’s is Taxation.

Legislative Subjects

S. 504 carries 4 of CRS’s legislative subjects, from Business investment and capital to Residential rehabilitation and home repair.

Source: congress.gov · legiscan.com