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Synopsis As Introduced Amends the Property Tax Code. Creates a homestead improvement exemption for the installation and maintenance of a residential fire safety sprinkler system. Provides that homestead properties that have been improved with a fire safety sprinkler system after January 1, 2004 are entitled to a fire safety sprinkler homestead improvement exemption, limited to $2,500 or the actual cost of installation, whichever is less, for the year that the system is installed, and $100 each year thereafter that the system remains in place, when that property is owned and used exclusively for a residential purpose. Further amends the Property Tax Code and the Criminal Code of 1961 to add cross-references. Amends the State Mandates Act to require implementation without reimbursement from the State. Effective immediately.
Senate Committee Amendment No. 1 Provides that the exemption applies to fire sprinkler safety systems that have been modified after January 1, 2004 under a safety compliance plan (instead of applying only to any fire sprinkler safety system installation). Defines "safety compliance plan". Effective immediately.
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