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Saturday, January 28, 2023

SIA Issues Guide to Tax Cuts to Encourage Investment in Fire Protection

The Security Industry Association has issued a guide to the latest tax cuts introduced to encourage businesses to invest in security, fire protection and alarm systems.

The tax cuts, introduced in December, will allow many companies to write off the full cost of such systems in the tax year that they were purchased.

Previously, SME’s could deduct the cost of most business-related equipment, up to $500,000 and not exceeding taxable income, but under the new rules security systems and fire protection and alarm systems are now treated as qualifying Section 179 property, meaning companies can claim for costs up to $1 million.

Qualifying equipment includes fire protection systems such as sensing devices, computer controls, fire doors and sprinkler systems, and security systems, such as alarm systems, motion sensors and door and window locks.

The incentives, introduced as part of the The Tax Cuts and Jobs Act, are part of a broader effort to produce long-term economic growth by encouraging businesses to make capital investment.

SIA, the trade association for global security solution providers, is encouraging all members to share this resource page and document with potential customers and partners.

Read the full guidance here

Homeland Security Todayhttp://www.hstoday.us
The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

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