US SB504

Reclassifies automatic fire sprinkler system retrofits in high-rise residential buildings as 15-year property for tax depreciation purposes, reducing the depreciation period from 39 years

Allows use of the straight-line depreciation method for qualifying sprinkler system retrofits

Qualifying systems must meet National Fire Protection Association 13 standards and be installed in residential buildings with occupiable floors more than 75 feet above fire department vehicle access level

Applies only to existing buildings where the sprinkler system is installed after the building was originally placed in service

Takes effect upon enactment of the Act