Automatic sprinkler systems; tax credit for initial installation. (HB333)

Introduced By

Del. Jennifer McClellan (D-Richmond)

Progress

√
 Introduced
X
 Passed Committee
☐
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

Installation of automatic sprinkler systems; tax credit for initial installation. Requires that all buildings that (i) are more than 75 feet high or more than six stories high, (ii) are being used to house individuals or to provide guest rooms for occupancy, and (iii) are not equipped with an automatic sprinkler system would be equipped with an automatic sprinkler system by December 31, 2017. The Board of Housing and Community Development would be required to promulgate regulations establishing standards for the automatic sprinkler system. The bill also would make available to the owners of such building an income tax credit equal to 45% of the total amount paid by the owner for the initial installation of the sprinkler system. The tax credit could be carried forward for 10 years. Amends § 58.1-439.12:02, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 01/04/2008 Committee
  • 01/04/2008 Prefiled and ordered printed; offered 01/09/08 082855624
  • 01/04/2008 Referred to Committee on Finance
  • 01/15/2008 Assigned Finance sub: 3
  • 01/18/2008 Impact statement from TAX (HB333)
  • 01/28/2008 Referred from Finance
  • 01/28/2008 Referred to Committee on General Laws
  • 02/12/2008 Left in General Laws

Comments

Frank Feigert writes:

Worthy in intent, the bill needs a grandfather clause. My building's construction is such that installation of sprinkler systems would be prohibitively expensive, resulting in bankruptcy. This would mean a loss of property and residences for 31 resident families.

Posted 61 months ago.