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NY S07907

Bill

Official Source

Status

Introduced

5/24/2016

Primary Sponsor

Andrew Lanza

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends the Local Finance Law to add a new subdivision defining the period of probable usefulness for intangible assets classified as capital assets
  • Establishes a five-year period of probable usefulness for intangible assets that meet specific criteria under generally accepted accounting principles for municipalities
  • Requires that an intangible asset must have a useful life of at least five years as determined by an appropriate engineering or other professional to qualify
  • Takes effect immediately upon enactment

Legislative Description

Relates to providing a period of probable usefulness for an intangible asset classified as a capital asset.

Last Action

SUBSTITUTED BY A10120

6/17/2016

Committee Referrals

Rules6/17/2016
Local Government5/24/2016

Full Bill Text

No bill text available