New York Assembly member Phil Steck has introduced legislation under Assembly Bill 8966 that proposes a 0.2% excise tax on the sale and transfer of digital assets, including cryptocurrencies and non-fungible tokens (NFTs). This tax would apply to all digital assets such as digital currencies and coins. If passed, the tax would take effect on September 1, 2025.
New York's proposed excise tax on crypto sales and transfers reflects the state's evolving regulatory stance balancing oversight with generating revenue. The state has been a significant hub for crypto firms and digital asset activity, having introduced early comprehensive regulation in 2015.
This legislation still needs to pass through the Assembly committee, the full Assembly, the Senate, and be signed by the governor before becoming law. It has already sparked discussions within the industry regarding the implications of increased oversight and taxation.
New York's move is part of a national trend where states are adopting various approaches to digital asset taxation amid a lack of comprehensive federal guidance. The state's proactive regulatory posture, including recent enforcement actions, signals readiness to implement a robust regulatory and tax framework for cryptocurrencies.
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