SIA Applauds Key Provision in Tax Reform Law for Security and Fire Protection Systems
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.