New Tax Law: Outreach Opportunity for Chiefs
The IAFC is delighted that the recently passed tax-reform package (P.L. 115-97, the Tax Cuts and Jobs Act) contains an important life- and property-saving provision. The new law incentivizes business owners to retrofit their properties with fire-sprinkler systems and allows the cost of sprinkler retrofits to be deducted as a Section 179 expense.
Strongly supported by the IAFC, the National Fire Sprinkler Association (NFSA) and many other fire service organizations, this tax-policy change allows businesses, restaurants, bars and other establishments to protect employees, customers, property and firefighters.
It’s important for us as fire chiefs to inform our communities about this significant change to the tax code. I encourage you to speak with your local chamber of commerce, commercial property owners and business leaders to make them aware that this historic tax-break incentive is available to them. Encourage them to speak with their tax professionals for details.
NFSA has a resource available<http://iafc.informz.net/z/cjUucD9taT03Mjg3Njg1JnA9MSZ1PTEwMzM1NDIzNTgmbGk9NTEwNzg5ODM/index.html
> (pdf) with more information.
This legislative victory was long in the making. The IAFC has urged Congress to pass this provision since the devastating 2003 fire at the Station Nightclub in Rhode Island. Let’s make sure the communities we serve know about it.