New York Assemblymember Phil Steck has proposed legislation that introduces a 0.2% excise tax on cryptocurrency transactions within the state. This tax is projected to generate approximately $158 million annually, based on recent data from Chainalysis and GDP statistics. The revenue is intended to support schools in addressing substance abuse issues, particularly those exacerbated by the opioid crisis in upstate New York. Steck, who chairs the state's Standing Committee on Alcoholism and Drug Abuse, emphasized the need for funding to enhance prevention and intervention programs for substance abuse. The bill, labeled A0966, includes tax implications for various crypto-related activities including transactions involving NFTs, mining, and stablecoins. New York's current tax treatment of cryptocurrencies aligns with those of other major states such as California, with digital assets subject to capital gains tax, gift tax, and estate tax.

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