New York Assembly member Phil Steck has introduced a bill that would place a 0.2% excise tax on the sale or transfer of cryptocurrencies and NFTs in the state.
Assembly Bill 8966, filed Wednesday, would apply the new tax to “digital asset transactions, including the sale or transfer of digital assets.” If passed, it would take effect immediately and cover all sales and transfers starting September 1.
Revenue from the tax would be earmarked for expanding substance abuse prevention and intervention programs in schools across upstate New York. The bill defines digital assets broadly, including digital currencies, coins, NFTs, and similar products.
To become law, the bill must first clear a committee vote, then be approved by the full Assembly, passed by the state Senate, and signed or vetoed by the governor.
New York City, a major global financial hub, is home to major crypto players like Circle, Paxos, Gemini, and Chainalysis. The state was also the first in the U.S. to implement a comprehensive crypto regulatory framework, launching the BitLicense in 2015 – a regime that drove some firms away while others embraced the oversight.
Most U.S. states still lack clear rules on taxing crypto, with approaches varying widely. New York currently treats crypto like cash for tax purposes, while some states, such as Washington, exempt it entirely.
