New York lawmakers propose a new crypto tax. It would charge 0.2 percent on sales and transfers of digital assets. Assemblymember Phil Steck introduced Assembly Bill 8966. It targets crypto, NFTs, and similar assets. It would take effect on September 1, 2025.
The state plans to use the income from the tax to expand substance-abuse prevention and intervention programs in upstate schools.
The tax comes as New York leads in finance and crypto services. It hosts organizations like Circle, Paxos, Gemini, and Chainalysis.
The law would add a 0.2 percent excise tax on digital asset transactions, such as sale or transfer. It would apply from September 1, 2025 onward. The bill defines digital assets broadly to include digital currencies, coins, NFTs, and similar items.
The bill must pass through Assembly committee review. Then it needs approval in the Assembly. If passed there, it moves to the Senate. If both houses approve it, the governor can sign or veto.
Crypto tax rules differ by state. Some states treat crypto as cash. Others, like Washington state, exempt it from taxes. New York’s new tax would make it one of the stricter states on digital asset taxation.
New York Crypto Tax
New York could raise significant revenue. Its status as a global finance hub means crypto activity runs high in the state. The funds would go to school programs. That makes the tax more targeted than general revenue. This policy links a modern financial tool to social impact.
New York regulated crypto early. It launched the BitLicense regime in 2015. The license gave clarity but drew criticism for its complexity. As a result, many firms left the state. Some stayed and adapted. Source
Now the state leans toward direct taxation. It blends social goals with oversight of fast-moving tech. Success depends on legislative support, enforcement clarity, and industry response.
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