Tax Credit for Security Proposed
WASHINGTON – A bill has been introduced in the House of Representatives that would amend the tax code to allow businesses a tax credit for the installation of electronic security systems and other security-related expenses. The bill, by Rep. Bill Shuster (R-Pa.), was introduced on Nov. 20, where it was referred to the House Ways and Means Committee.
The bill, called the “Prevent Act of 2003” and labeled as HR 3562, would amend the Internal Revenue Code of 1986 to allow a credit for security devices, assessments and other expenses incurred in the name of boosting security. The credit would be 20 percent of the cost of an electronic security device and/or 30 percent of an assessment.
Joel Brubaker, the legislative director for Shuster, says the bill came about as a extension of conversations concerning post-Sept. 11 security in his district, which stretches 14 counties in Pennsylvania from Uniontown to suburban Harrisburg. “Through conversation, we were realizing this type of legislation was needed,” says Brubaker. “The best aspect of it would be to ensure a safer workplace.”
The definition of “security device” in the bill ranges from access control and CCTV systems to electronic alarm systems and locks.
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