Editor's Angle: New Legislation to Provide Tax Deductions for Professionally Installed Security Systems
Just last month, the National Burglar and Fire Alarm Association (NBFAA) announced its endorsement of federal legislation titled the â€œSecure Americaâ€™s Homes and Businesses Actâ€ (H.R. 3632). It was introduced by Rep. Steven LaTourette (R-Ohio) on July 29, and it would provide up to $5,000 for residential and $50,000 for commercial tax deductions annually for the purchase and professional installation of electronic premise security devices.
Unlike Homeland Security funds â€“ which may never see the wallets of small security dealers â€“ this bill has the potential to spur sales at the grass roots level among American consumers and business owners by moving them to purchase and have installed electronic alarm systems, fire protection and life-safety systems, video surveillance systems, access control systems including biometrics, and other devices.
The premise can be any structure or property used for residential purposes including a house, condominium, cooperative unit, boat, or trailer used as a dwelling; in the commercial arena it means a property used by the taxpayer for commercial, retail, or business purposes, including parking lots and outside areas.
The bill actually would amend the Internal Revenue Code of 1986 to allow a deduction for expenses related to the purchase and installation of qualifying electronic premise security systems. The amendments made by this Act would apply to taxable years beginning after December 31, 2005.
The NBFAAâ€™s Government Relations department has been working in partnership with veteran lobbyist John Chwat, president of Chwat & Company Inc., Alexandria, Va., and Rep. LaTourette on the bill.
Rep. LaTourette is a member of the House National Security, Emerging Threats and International Relations Subcommittee. He is serving his sixth term in the United States House of Representatives and represents Northeast Ohioâ€™s 14th Congressional District.
The result of this legislation, if passed, can only be positive. This bill needs your support. Contact your representative today by visiting http://www.house.gov and clicking on Write Your Representative.
To read the full text of the legislation, visit: http://thomas.loc.gov/ and search using key words â€œSecure America.â€ For information about Rep. LaTourette go to www.house.gov/latourette. The NBFAA may be reached at (888) 447-1689 or on the Web at www.alarm.org. For information on NBFAAâ€™s Government Relations, contact John Chwat at (703) 684-7703 or by e-mailing email@example.com.