Illinois HB2710 introduces a tax credit for installing NFPA 13D residential fire sprinkler systems.
HB2710 amends the Illinois Income Tax Act to create a tax credit for taxpayers who install an approved NFPA 13D residential fire sprinkler system in a new or existing one-family or two-family dwelling. The credit is equal to 50% of the total installation cost, up to $10,000 per taxpayer per year. The credit is subject to an annual limit of 2,000 awards or $8,000,000 in total credits. To claim the credit, taxpayers must provide a final invoice detailing the installation costs, including water main tap fees, installation and testing fees, and piping and valve modifications.
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