The proposed legislation, known as the City of the First Class Residential High-Rise Fire Sprinkler Retrofit Tax Relief Act, establishes a tax credit for owners of residential high-rise structures who retrofit their buildings with automatic fire sprinkler systems and associated monitoring or detection devices. Starting from tax years after December 31, 2025, the Office of the Mayor of a city of the first class will have the authority to award this tax credit, which will be equal to the amount spent on the installation or improvement of these systems, or 100% of the owner's income tax liability, whichever is less.

The bill outlines the administration of the tax credit, requiring the Office of the Mayor to create application forms and guidelines for the process. It also specifies that the tax credit is applicable only to residential high-rise structures located within a city of the first class. The act is set to take effect 60 days after its passage.