NY S05001

Amends the local finance law to establish a 30-year period of probable usefulness for lead service line replacement programs as capital assets.

Applies to programs established by municipalities, school districts, or district corporations that inventory, design, and replace publicly and privately owned lead service lines within water systems.

Defines "lead service line" as any service line made in whole or in part of lead that connects a water main to a building inlet, including lead goosenecks, pigtails, and connectors not exceeding two feet.

Classifies galvanized iron or steel service lines as lead service lines if they are or were downstream of any lead service line or service line of unknown material.

Takes effect immediately upon enactment.