New York Lawmaker Plans to Tax Crypto Sales
New York state may begin taxing sales and transfers of cryptocurrencies and non-fungible tokens under a newly introduced bill in the state Assembly. Assembly Bill 8966, filed Wednesday by Democratic Assemblymember Phil Steck, proposes a 0.2% excise tax on “digital asset transactions, including the sale or transfer of digital assets.” If approved, it would take effect immediately and apply to all such transactions starting September 1.
The measure could generate substantial revenue, as New York City—considered the world’s largest financial and fintech hub—hosts industries that have embraced crypto, purchasing billions in tokens or offering crypto-based financial products.
Steck’s proposal specifies that the funds from the tax would be dedicated to expanding a “substance abuse prevention and intervention program to schools in upstate New York.” The bill would amend state tax laws so that the levy covers “digital currencies, digital coins, digital non-fungible tokens or other similar assets.”
Before becoming law, the bill must pass through committee, win approval from the full Assembly, move through the Senate, and be signed by the governor, who could also veto it.
Across the U.S., crypto taxation varies widely. Federal and state governments both have the authority to impose taxes, and some states reduce or remove corporate and income taxes to attract businesses, as seen in Texas. Many states provide no guidance on crypto taxation. Some, including California and New York, treat crypto as cash, while states like Washington exempt it from certain taxes.
New York City remains a major hub for the crypto industry, home to firms like Circle Internet Group, Paxos, Gemini, and Chainalysis.
The state pioneered a comprehensive regulatory framework in 2015 with the BitLicense, which drove some companies away due to its strict requirements but was embraced by others seeking formal regulation.
Sources:
https://nyassembly.gov/leg/?default_fld=&leg_video=&bn=A08966&term=&Summary=Y&Text=Y
https://cointelegraph.com/news/new-york-bill-would-tax-crypto-sales-transfers
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