HB1561

Pennsylvania HB1561 provides a tax credit for retrofitting residential high-rise structures with fire sprinkler systems and monitoring devices.

HB1561, known as the City of the First Class Residential High-Rise Fire Sprinkler Retrofit Tax Relief Act, allows the Office of the Mayor in a city of the first class to award a tax credit to owners of residential high-rise structures. The credit is for investments in retrofitting these buildings with automatic fire sprinkler systems and associated monitoring or detection devices. The credit amount equals the expenditure on these improvements or 100% of the owner's income tax liability, whichever is less.