This bill proposes to amend the Internal Revenue Code of 1986 to provide a more favorable depreciation schedule for certain fire safety improvements. It classifies "automatic fire sprinkler system retrofit property" as 15-year property for tax depreciation purposes, which is an accelerated schedule designed to incentivize investment. To qualify, the sprinkler system must meet National Fire Protection Association 13 standards and be installed in existing residential property . Additionally, the building must have been placed in service before the retrofit and feature an occupiable floor located more than 75 feet above the lowest fire department vehicle access . This measure aims to encourage property owners to install modern fire sprinkler systems in older, tall residential buildings by offering a significant tax incentive.