New York State Legislator Proposes 0.2% Tax on Cryptocurrency Transactions

This week, New York State Assembly member Phil Steck introduced Bill A0966, which proposes a 0.2% excise tax on cryptocurrency transactions within the state. The bill is expected to generate annual revenues of $158 million, which will be allocated to fund substance abuse prevention programs in northern state schools. The tax would apply to cryptocurrencies like Bitcoin and Ethereum, NFTs, digital assets earned through mining or staking, and stablecoins. If approved, the bill would take effect immediately starting September 1, 2025, but its enactment requires a multi-stage legislative review process in the State Assembly...