NY S03411

Creates a tax credit equal to 25% of labor and materials costs for residential property owners who install fire sprinkler systems

Limits the credit to a maximum of $5,000 per year

Applies only to residential properties located in municipalities that do not already require fire sprinkler installation

Allows excess credit amounts to be refunded if the credit exceeds the taxpayer's tax liability, though no interest will be paid on refunds

Takes effect immediately and applies to taxable years beginning on or after January 1, 2025