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

FAIRFAX, Va. — The IAFC applauded Congress for passing a bill that addresses several fire and emergency issues, such as fire sprinklers and volunteers.

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.

 

Congress today passed a comprehensive tax reform bill which includes IAFC priorities on fire sprinklers and volunteer firefighters. More: https://tinyurl.com/yax8u2lw

Posted by IAFC - International Association of Fire Chiefs on Wednesday, December 20, 2017

 

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