New York lawmakers are exploring the idea of introducing a small tax on cryptocurrency and NFT transactions, a move that could make the state one of the few in the U.S. to directly target digital assets.
Assemblymember Phil Steck has put forward legislation that would apply a 0.2% excise tax to the sale or transfer of cryptocurrencies, NFTs, and similar digital assets.
If approved, the measure could take effect as early as September 1 and would impact both individuals and businesses engaged in crypto trading within the state.
The bill also outlines a specific use for the revenue it generates — funding substance abuse prevention and intervention programs for schools in upstate New York. By linking the tax to a social initiative, backers hope to gain broader public and political support.
The proposed law still faces a series of hurdles. It must first clear committee review before being voted on in the state Assembly, after which it would need Senate approval and the governor’s signature.
While some states remain hands-off with digital asset taxes, others, including New York, have taken a more regulated approach. New York City has long been a hub for the crypto sector, hosting major players such as Circle, Paxos, Gemini, and Chainalysis.
. The state was also an early mover on regulation with the 2015 introduction of the BitLicense, a framework that has been both praised for consumer protection and criticized for driving some companies out of the market.
If the bill becomes law, New York could set a precedent for other states considering similar taxes, potentially influencing how digital asset transactions are treated nationwide.
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Source: https://coindoo.com/crypto-transfers-could-soon-face-a-new-tax-in-new-york/