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

Introduced By

Sen. Jennifer McClellan (D-Richmond)

Progress

Introduced
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. Read the Bill »

Outcome

Bill Has Failed

History

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