Bill Text: NY S07907 | 2015-2016 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-17 - SUBSTITUTED BY A10120 [S07907 Detail]

Download: New_York-2015-S07907-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7907
                    IN SENATE
                                      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:
     1    Section  1.  Paragraph  a of section 11.00 of the local finance law is
     2  amended by adding a new subdivision 108 to read as follows:
     3    108. Intangible assets. The acquisition or development of an  intangi-
     4  ble asset that is classified as a capital asset under generally accepted
     5  accounting principles for municipalities and that has been determined to
     6  have  a useful life of at least five years by an appropriate engineering
     7  or other professional, five years.
     8    § 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