New York Congressman Proposes Cryptocurrency Tax; State-Level Discrepancies Emerge

A bill proposing a 0.2% special consumption tax on cryptocurrency sales and transfers in New York has been introduced by Democratic Congressman Phil Steck. The bill, Parliamentary Bill No. 8966, seeks to generate revenue for substance abuse prevention programs within upstate schools. However, this proposal is just one example of the state’s varying approach to cryptocurrencies; other states like Texas have no state income or corporate taxes, while Washington exempts certain cryptocurrency from taxation. This bill’s progress will need approval through various legislative stages before implementation on September 1st, 2023.