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Internal Revenue Code of 1986

The main body of federal tax laws in the United States.

Depreciation

For tax purposes, this is how businesses and property owners spread out the cost of an asset over its useful life, deducting a portion each year to reduce their taxable income.

15-year property

A classification under tax law that allows the cost of certain assets to be deducted (depreciated) over a period of 15 years.

Retrofit

To add new components or features to an existing system or structure that were not part of its original design.

NFPA 13

A set of widely recognized safety standards for the installation of sprinkler systems, created by the National Fire Protection Association.

High-rise residential building

In the context of this bill, a residential building with an occupiable floor located more than 75 feet above the lowest level where fire department vehicles can access it.