New York S03411 provides a tax credit for residential property owners who install fire sprinkler systems.

New York S03411 amends the tax law to offer a credit for residential property owners who install fire sprinkler systems. The credit is equal to 25% of the cost of labor and materials for the installation. This credit applies only to residential properties in municipalities that do not already require fire sprinkler systems. The maximum credit allowed per year is $5,000. If the credit exceeds the tax due for a year, the excess can be credited or refunded. The act applies to taxable years beginning on or after January 1, 2025.

New York S03411 provides a tax credit for residential property owners who install fire sprinkler systems.

New York S03411 amends the tax law to offer a credit for residential property owners who install fire sprinkler systems. The credit is equal to 25% of the cost of labor and materials for the installation. This credit applies only to residential properties in municipalities that do not already require fire sprinkler systems. The maximum credit allowed per year is $5,000. If the credit exceeds the tax due for a year, the excess can be credited or refunded. The act applies to taxable years beginning on or after January 1, 2025.