New York Prepares for Cryptocurrency Transfer Tax, Aiming to Fund Substance Abuse Programs

New York Assemblymember Phil Steck has proposed legislation introducing a 0.2% excise tax on cryptocurrencies, NFTs, and similar digital assets. If approved, this new tax would impact both individuals and businesses engaged in crypto trading within the state, with potential implementation as early as September 1st. The bill’s revenue will be directed towards funding substance abuse prevention and intervention programs for schools in upstate New York. This social initiative aims to garner broader public and political support for the legislation.