Silver Spring, Md.—On Dec. 22, President Donald Trump signed into law H.R. 1, the Tax Cuts and Jobs Act, P.L. 115-97, which implements tax reform to lower the after-tax cost of security and fire protection systems for small- and medium-sized businesses.
The Security Industry Association (SIA) led a coalition of industry groups urging negotiators to accept a Senate-backed provision for tax reform to expand deductions under Section 179 of the IRS tax code, which empowers businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. The revised tax code permanently expands eligibility for deductions to fire protection, alarm, and security systems, along with other equipment, placed in service in 2018 and beyond.
“Since 2003, SIA has advocated in favor of federal tax code changes allowing businesses to fully expense the cost of implementing safety and security measures during the year in which they incur those costs,” said SIA CEO Don Erickson. “Our efforts finally have culminated in these tax code revisions, which eliminate a significant disincentive to adopting new and effective security and life safety technology, particularly at a time of rapid advancement for security tech. SIA is pleased the White House and Congress saw the importance of making it more affordable for businesses to best ensure the safety of their patrons and employees.”
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