NY A10120

Amends the Local Finance Law to add a new subdivision establishing a period of probable usefulness for intangible assets classified as capital assets

Applies to intangible assets acquired or developed by municipalities that meet generally accepted accounting principles standards

Requires that an intangible asset must have a useful life of at least five years as determined by an appropriate engineering or other professional

Sets the period of probable usefulness for qualifying intangible assets at five years

Takes effect immediately upon enactment