Tax credit for installing fire sprinklers in high-rise homes

(a) An owner of residential real property in an existing high-rise residential building is entitled to a tax credit under this article against the owner’s real property tax liability if: (1) An automatic sprinkler system is either installed throughout the existing residential high-rise building or throughout the common areas of the existing residential high-rise building; and (2) The owner has been granted an exemption under § 8-10.3 . (b) The amount of the tax credit is $2,000. If an existing high-rise residential building with an automatic sprinkler in the common areas is subsequently improved with an automatic sprinkler system throughout the entire building, no additional tax credit may be claimed. In no event shall the amount of the resulting tax be less than the minimum tax as required in § 8-11.1 (g). (c) The credit will be applied against real property tax liability for the tax year immediately following approval of the application for the credit. If the credit under this section exceeds the real property tax liability for the tax year immediately following approval of the application for the credit, the excess of the credit over real property tax liability may be claimed as a credit against the real property tax liability in subsequent years until exhausted. (d) The tax credit under this section, once granted by the director, is not transferable or assignable.