Congress passes tax bill with IAFC priorities
The Tax Cuts and Jobs Act addresses several issues affecting the fire and emergency service, including fire sprinklers and volunteers
By FireRescue1 Staff
The Tax Cuts and Jobs Act, a comprehensive tax reform, included a tax-policy change that gives business owners an incentive to retrofit their properties with fire sprinkler systems, according to a press release from IAFC.
Business owners will also be able to deduct the cost of the retrofits as a Section 179 expense.
The bill also simplifies length-of-service award program management and increases the maximum LOSAP contribution to $6,000.
The IAFC said they were disappointed with the $10,000 cap placed on the deduction of state and local taxes and the limit of deductibility of uninsured property losses from fires, but added that they would continue their effort to get the issues addressed by their allies in Congress.
"We thank Congress for expanding the availability of fire-sprinkler systems and easing some of the management challenges facing volunteer and combination fire departments,” IAFC president Chief Thomas Jenkins said.