New York Proposes 0.2% Tax on Crypto & NFT Transactions

A proposed bill in the New York State Assembly aims to impose a small excise tax on cryptocurrency transactions, with an expected 0.2% rate for sales and transfers of digital assets like cryptocurrencies and non-fungible tokens (NFTs). This legislation, introduced by Assembly member Phil Steck, seeks to generate revenue through taxation and allocate it towards school-based substance abuse prevention programs across upstate New York. The bill would impact all digital asset transactions starting September 1st, subject to an immediate implementation upon passage.