A bill to provide a tax incentive for installation to certain buildings of fire sprinklers and other fire prevention or extinguishment apparatus.

[AI summary unavailable — showing source text] Provides that a taxpayer may elect to treat any qualified fire prevention expenditure as an expenditure which is not chargeable to capital account. States that any expenditure so treated shall be allowed as a tax deduction under the Internal Revenue Code. Defines the term "qualified fire prevention expenditure" as any expenditure for the installation to any building owned or leased by the taxpayer of a fire sprinkler system or other fire prevention or extinguishment apparatus which meets: (1) standards which would have been required to be so installed under Federal, State, or local law if such building were not exempt from such requirement by reason of being built or modified prior to the effective date of such requirement; or (2) in the case of such installation occurring in the absence of any Federal, State, or local law, under regulations prescribed by the Secretary after consultation with the Secretary of Commerce.…