Expands the definition of fixed assets to include consumption-based solutions.

This bill amends the state finance law to include consumption-based solutions in the definition of fixed assets. Consumption-based solutions involve technology subscriptions, models, reservations, tenancy, and other methods of acquiring information technology. These solutions may use any combination of software, hardware, equipment, data, and labor or services, and are metered and billed based on actual usage at fixed price units. The change takes effect immediately upon enactment.

Expands the definition of fixed assets to include consumption-based solutions.

This bill amends the state finance law to include consumption-based solutions in the definition of fixed assets. Consumption-based solutions involve technology subscriptions, models, reservations, tenancy, and other methods of acquiring information technology. These solutions may use any combination of software, hardware, equipment, data, and labor or services, and are metered and billed based on actual usage at fixed price units. The change takes effect immediately upon enactment.