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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A10120
- Ordered to third reading cal.1976
- Committee discharged and committed to rules
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to providing a period of probable usefulness for an intangible asset classified as a capital asset
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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 useful life of at least five years by an appropriate engineering or other professional.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.