New York A04020 provides a tax credit for installing fire sprinkler systems in residential properties.

New York A04020 amends the tax law to provide a tax credit for residential property owners who install fire sprinkler systems. The credit equals 25% of the cost of labor and materials, up to $5,000 per year. This credit applies only to properties in municipalities without existing fire sprinkler requirements. If the credit exceeds the tax owed, the excess is treated as an overpayment and refunded, with no interest. The credit cannot reduce the tax below a fixed minimum amount. The changes apply to tax years beginning on or after January 1, 2025.

New York A04020 provides a tax credit for installing fire sprinkler systems in residential properties.

New York A04020 amends the tax law to provide a tax credit for residential property owners who install fire sprinkler systems. The credit equals 25% of the cost of labor and materials, up to $5,000 per year. This credit applies only to properties in municipalities without existing fire sprinkler requirements. If the credit exceeds the tax owed, the excess is treated as an overpayment and refunded, with no interest. The credit cannot reduce the tax below a fixed minimum amount. The changes apply to tax years beginning on or after January 1, 2025.