The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress and signed into law March 27th, 2020 included over $2 trillion in economic relief to help offset the impacts of COVID-19. It also included tax savings for businesses, including options for commercial and industrial facilities to take advantage of Qualified Improvement Property (QIP) investments under section 168 of the Act. According to accounting firm KBKG, Qualified Improvement Property (QIP) is defined as any improvement made by the taxpayer to an interior portion of a building that is nonresidential real property as long as that improvement is placed in service after the building was first placed in service by any taxpayer (Section 168(k)(3)).” For full details, download the PDF from the IRS.
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Your building relies on a network of fire protection equipment to keep your building and its occupants safe from fire. One of the most important features is the automatic sprinkler system, which acts as the first line of defense against fire, even if the building is vacant.
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Your fire sprinkler system is a vital part of your overall life safety system. But, as with all mechanical equipment, your systems must be maintained in order to provide proper protection to your facilities and occupants.