New York State Weighs Tax on Digital Asset Transactions

New York state lawmakers are considering legislation that would impose a 0.2% tax on transactions involving digital assets like Bitcoin and Ethereum, according to BlockBeats. The proposal, introduced in the state assembly on August 13th, aims to implement this tax starting September, with individuals or organizations involved in such transactions paying it. The revenue generated from this tax is intended to fund expanded substance abuse prevention programs within New York’s schools. If passed, New York will join a growing list of regions exploring targeted taxation on digital asset activities.