Updating the Fire Sprinkler Tax Code for Safety and Jobs
The Southwest Pipe Trades Association (SWPTA) believes it is vital to the safety of those living and working in Texas, Oklahoma and New Mexico to update the fire sprinkler systems tax code.
United Association and Southwest Pipe Trades Association members can make the southwest safer with an updated fire sprinkler tax code
The code is in desperate need of updating for the safety of those living and working in the southwest. In the past, there was less regulation when it came to installing fire suppression systems in residential and commercial settings. Updating the code will be beneficial to those living and working in structures, as well as to the structure itself. An updated code can save hundreds of thousands of dollars in property damages.
According to the National Fire Incident Reporting System, civilian deaths can be reduced by an average of 84 percent, just by having functional fire sprinkler systems.
The SWPTA actively supports the Fire Sprinkler Incentive Act (FSIA). This legislation would update the Internal Revenue Code and allow property owners to make a tax deduction and consider installation costs of fire sprinkler systems as an expense. This legislation has enjoyed bipartisan support but has not received an update.
Updating the code would also help property owners save money on insurance premiums. According to the United Association (UA), property owners can expect to see a 5 to 15 percent drop in insurance premiums when they install or retrofit a fire sprinkler system.
Updating the fire sprinkler tax code will create jobs for Southwest Pipe Trades Association and United Association members
Updating the fire sprinkler tax code will also spur job creation in the southwest. The need to update or install fire suppression systems will creak jobs for thousands of local sprinkler fitters in the southwest.
According to the United Association. updating the code will result in many people installing fire sprinkler systems, putting an estimated 9,800 sprinkler fitters to work earning quality wages and great benefits.