An Act providing for a tax credit for retrofitting residential high-rise structures with an automatic fire sprinkler system and associated monitoring or detection devices.

HB 1561 offers a tax credit to owners of residential high-rise buildings for installing automatic fire sprinkler systems and related monitoring or detection devices. The bill directly affects property owners or managers of qualifying high-rise residential structures who undertake these retrofits. It provides a financial incentive by allowing eligible taxpayers to reduce their state income tax liability based on the cost of the qualifying fire safety equipment. The credit aims to encourage improved fire safety in multi-story residential buildings through direct cost savings for property owners.