Spread the word! As fire service leaders, you know where the small businesses are that need fire safety improvements.
Previously qualified small businesses were allowed to fully expense purchases such as computers, equipment, and light-duty vehicles up to an annual cap of $500,000. Under the new law, Congress has added fire protection as an eligible expenditure under Section 179 of the tax code. Congress also increased the cap to $1M as the amount that a small business can deduct in a single year.
This provision applies only to commercial structures and cannot be used for retrofitting sprinklers into residential structures. However, critical occupancies, such as entertainment venues, could easily fall under this provision.
NFSA encourages business and industry owners to contact their tax professionals and refer them to the changes in Section 179 of the recently passed tax reform legislation (P.L. 115-97) for up to $1M in fire protection.
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