On December 20th, Congress passed the Tax Cuts and Jobs Act (H.R. 1), a comprehensive reform of the U.S. tax code. SFFMA appreciates Congress for addressing several issues affecting the fire and emergency service, including:
- Fire Sprinklers: Since the devastating 2003 fire at the Station Nightclub in Rhode Island, the IAFC has urged Congress to incentivize business owners to retrofit their properties with fire-sprinkler systems. H.R. 1 provides this important incentive and allows the cost of sprinkler retrofits to be deducted as a Section 179 expense. This tax-policy change will allow countless businesses, restaurants, bars and other establishments to protect their employees and customers.
- Volunteers: H.R. 1 helps simplify the management of length-of-service award programs (LOSAPs) for volunteer and combination fire departments as well as increases the maximum annual LOSAP contribution to $6,000.