high-rise

Did you know that automatic fire sprinklers system in high-rise condominium are now required by law? -Check what is required to have by December 2019.

Did you know that automatic fire sprinklers system in high-rise condominium are now required by law? - Check what is required to have by December 2019.

Nothing has changed after Florida Governor Rick Scott made the decision to veto House Bill 653,  regarding the Automatic fire sprinklers system in high-rise condominium

On June 26, 2017 Rick Scott composed a memo to the Secretary of State that included the following statement: “while I am particularly sensitive to regulations that increase the cost of living, the recent London high-rise fire, which tragically took at least 79 lives, illustrates the importance of life safety protections”.

The consequences that followed the vetoing of Bill 653 have now made it possible to enforce all high-rises in the state of Florida to provide or install a level of protection equal to or better than a full fire sprinkler system. Read about ELSS - Engineered Life Safety System Installation

All work required needs to be completed by December 31, 2019.

The following podcast summarizes the requirements that all Florida high-rise building’s need to comply with before December 31. 2019.

CLICK HERE TO LISTEN TO THE PODCAST:  "December 31, 2019 is fast approaching! Do you know why it is significant to your high-rise condominium?"

by  Community Association Matters.

 


Saving lives with Fire Sprinkler Incentives in Tax Reform

Saving lives with Fire Sprinkler Incentives in Tax Reform

 

In 2015, fire claimed the lives of 3,280 civilians and led to 15,700 civilian injuries. The direct property damage caused by fire was an estimated $14.3 billion. One of the most effective ways to minimize the loss of life and property to fire is with automatic sprinklers. Current building codes require sprinklers in many of the most vulnerable occupancies, such as commercial and residential high-rise.
Unfortunately, there are still thousands of structures that were built and put in service before sprinklers were required. Providing an economic incentive to property owners to do the right thing and retrofit properties with automatic fire sprinklers have the potential to have a significant impact on addressing the nation’s fire problem.
 
Prior to Christmas last week, a comprehensive reform of the U.S. tax code has been passed by the United States Congress and signed by President Donald Trump. The Tax reform and Jobs Act contained several important provisions which will provide significant incentives for property owners to install fire sprinklers.
 
These include:
  • Small businesses will now be able to expense installation of fire sprinklers under section 179 of the tax code up to a cap of $1 million in each year of expense.
  •  Besides, small businesses that may need to borrow money to pay for the retrofit will be able to deduct the interest expense on the loan.
  • Larger entities can fully expense capital expenses over the next five years. Starting in 2023, the amount that can be expensed will slowly taper down. This part means that fire chiefs and local policy officials can now ensure business owners have five years for full expensing.
For more information visit www.nfsa.org .
 
This Fire Sprinkler Incentives in Tax Reform will allow for the retrofit and upgrading of many occupancies such as High Rises, businesses, restaurants, bars, and other high-risk occupancy buildings; protecting their employees and customers.