New York Proposes 0.2% Tax on Cryptocurrency and NFT Transactions

A new proposal from the New York state Assembly could see a 0.2% excise tax imposed on cryptocurrency and NFT transactions, aiming to provide funding for substance abuse prevention programs in schools across upstate New York. Assembly Bill 8966, sponsored by Democratic Assemblymember Phil Steck, proposes this new tax for digital asset sales or transfers that would take effect immediately upon enactment, starting September 1st. This legislation would see the collected funds directed towards expanding school-based substance abuse prevention and intervention programs.