Summary: S.3031 — 115th Congress (2017-2018)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Public Law No: 115-419 (01/03/2019)

Federal Personal Property Management Act of 2018

(Sec. 2 ) This bill requires the executive agencies and the General Services Administration (GSA) to carry out the following activities with respect to federal personal property management.

Each executive agency, in accordance with guidance from the GSA, must annually inventory and assess capitalized personal property in identifying excess property under the agency's control. Capitalized personal property items include those recorded on an agency's general ledger records as major investments or assets.

Each agency must also regularly inventory and assess accountable personal property under its control.

GSA may establish separate thresholds for acquisitions of personal property for which affected agencies shall capitalize and for which they shall establish and maintain property records in a centralized system.