New York Assemblymember Phil Steck has proposed legislation imposing a 0.2% excise tax on cryptocurrency transactions, which he estimates could generate $158 million annually. The revenue from this tax would be allocated to combat substance abuse in upstate New York, where communities have been severely affected by the opioid epidemic. The bill, identified as A0966, draws on data from Chainalysis and recent GDP statistics to substantiate its revenue projections. Steck, who chairs the state’s Standing Committee on Alcoholism and Drug Abuse, indicated that the increase in tax revenues could help boost existing substance abuse prevention and intervention programs in schools. In the context of broader state initiatives, this proposed tax aligns with growing trends across various states aimed at utilizing crypto-related revenues for educational funding and social programs. The bill also covers tax implications for NFTs and various types of digital assets, placing them under similar tax obligations as other assets in New York State.

Source 🔗