Senate Bill S7907

Signed By Governor
2015-2016 Legislative Session

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

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Sponsored By

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

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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) - Summary

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

2015-S7907 (ACTIVE) - Sponsor Memo

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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