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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides a tax credit for the installation of fire sprinkler systems
In Assembly Committee · Ways And Means · Sponsor Michael DenDekker
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5260
Title of bill
An act to amend the tax law, in relation to providing tax credits for the installation of fire sprinkler systems
Purpose
This bill would incentivize the installation of sprinkler system in residential properties by providing a twenty-five percent tax credit to residential property owners who install such systems.
Summary of provisions
Section 1 amends section 606 of the tax law by adding a new subsection ww that would allow residential property owners who install sprinkler systems to be eligible for a tax credit of twenty-five percent of the cost of labor and materials needed to install such system.
Section 2 amends section 210 of the tax law by adding a new subsection 47 that would allow residential property owners who install sprinkler systems to be eligible for a tax credit of twenty-five percent of the cost of labor and materials needed to install such system.
Section 3 sets forth an immediate effective date.
Justification
On January 21, 2012, Kerry Rose Fitzsimons, Eva Block, and Kevin Johnson were tragically killed in an off-campus house fire while attending Marist College. The fire was so strong and so fast that none of the three students were able to escape.
What is known for certain was that there was no sprinkler system installed in the off-campus home. According to the Fire Sprinkler Initiative, the availability of smoke detectors, coupled with a maintained and operative sprinkler system installed in a residence, decreases the risk of dying in a fire by over 80%. Currently, however, sprinkler systems are only required in newly constructed apartment buildings outside of the "Big 5" cities. Existing apartment buildings-and any other type of residential dwelling-do not currently require sprinkler systems.
It is therefore troubling that many residences in neighborhoods surrounding colleges and universities which are rented to students attending those institutions, often do not have sprinkler systems installed. The intent of this legislation is to appeal to those property owners by offering a financial incentive to add a sprinkler system. Providing a tax incentive will be beneficial not only to the owner of the property, but also to the tenants of the property if the sprinkler system is installed.
Because there are so many residences currently without sprinkler systems-particularly residences surrounding colleges and universities like the one Kerry Rose, Eva, and Kevin were in-it is crucial that we encourage residential property owners to install sprinkler systems. By doing so, we may hope to decrease the occurrences of such tragedies in the future.
Legislative history
New bill.
Fiscal implications
None
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.