INCOME TAX-SPRINKLER DEDUCT

Amends the Illinois Income Tax Act. Provides for a deduction beginning with taxable years ending on or after December 31, 2004, of an amount equal to the actual cost to the taxpayer to retrofit a building owned by the taxpayer with a fire sprinkler system. Provides that to qualify for this deduction, the building must be in existence on the effective date of this amendatory Act and the fire sprinkler system must be installed by personnel who are licensed in accordance with the Fire Sprinkler Contractor Licensing Act.