Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 09, 2016 |
signed chap.309 |
Aug 30, 2016 |
delivered to governor |
Jun 17, 2016 |
returned to assembly passed senate 3rd reading cal.1976 substituted for s7907 |
Jun 17, 2016 |
substituted by a10120 ordered to third reading cal.1976 committee discharged and committed to rules |
May 24, 2016 |
referred to local government |
Senate Bill S7907
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) 24th Senate District
Archive: Last Bill Status Via A10120 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2015-S7907 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10120
- Law Section:
- Local Finance Law
- Laws Affected:
- Amd ยง11.00, Loc Fin L
2015-S7907 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7907 TITLE OF BILL : An act to amend the local finance law, in relation to providing a period of probable usefulness for an intangible asset classified as a capital asset SUMMARY OF PROVISIONS : This bill would amend the local finance law to provide a period of probable usefulness of five years for intangible assets classified as capital assets under generally accepted accounting principles and determined to have a useful life of at least five years by an appropriate engineering or other professional. REASONS FOR SUPPORT : Capital assets, which were once limited to physical assets, are increasingly recognized to include intangible assets, such as computer software and software licenses. Such intangible assets have come to be considered capital assets because their value and usefulness endure over time. Because intangible assets can have a significant useful life, they should be eligible for financing pursuant to the Local Finance Law to the extent they qualify as capital assets under generally accepted accounting principles and are determined to have a
2015-S7907 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7907 I N S E N A T E May 24, 2016 ___________ Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the local finance law, in relation to providing a period of probable usefulness for an intangible asset classified as a capital asset THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph a of section 11.00 of the local finance law is amended by adding a new subdivision 108 to read as follows: 108. INTANGIBLE ASSETS. THE ACQUISITION OR DEVELOPMENT OF AN INTANGI- BLE ASSET THAT IS CLASSIFIED AS A CAPITAL ASSET UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR MUNICIPALITIES AND THAT HAS BEEN DETERMINED TO HAVE A USEFUL LIFE OF AT LEAST FIVE YEARS BY AN APPROPRIATE ENGINEERING OR OTHER PROFESSIONAL, FIVE YEARS. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15415-01-6
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