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Capital Outlay is outlay charged to a long-term asset account. Capital outlay includes expenditures that result in the acquisition of fixed assets, existing buildings, improvements to sites, construction of buildings, construction of additions to buildings, retrofitting of existing buildings for energy conservation, and initial and additional equipment and furnishings for educational facilities.[O.C.G.A. § 20-2-260].
Capital outlay includes equipments like meaning motor trucks designated over three-quarters of one tone, tractors, trailers, snowmobiles, boats, machinery, reference books, office furniture, file cabinets, typewriters, adding and calculating machines, and other business machines, having a useful lifetime of one year or more. Tools, implements, and instruments used continuously without material change in physical condition and value also come under capital outlay.