CARES Act 2020 – Install a New System and Save with a Tax Deduction
The CARES (Coronavirus Act, Relief and Economic Security) Act allows companies to take a tax deduction* year one when they install and put a qualifying life safety system in service.
In the past, the depreciation had to be taken over a thirty-nine (39) year period. Taking the tax benefit now can reduce your overall cost of equipment and installation.
BENEFITS OF CARES ACT
|Benefit 1:||Take 100% depreciation year 1 for full equipment & installation cost|
|Benefit 2:||There is no cap to the cost of the equipment and labor|
|Benefit 3:||Deduction can be taken all the way back to the beginning of 2018|
SYSTEMS THAT QUALIFY
- Sprinkler Systems
- Fire Alarm Systems
- Special Hazards/ Clean Agent Systems
Now is the time to talk to your tax professional to find out if your business qualifies for the tax deduction. If so, we are here to help.
*Always consult your tax advisor to confirm your project and/or building qualifies for this tax benefit.