New York Assemblymember Phil Steck has introduced legislation that would impose a 0.2% excise tax on all cryptocurrency and NFT transactions, marking one of the most direct state-level attempts to tax digital asset activity in the United States.
The bill, Assembly Bill 8966, was filed on Wednesday and would apply to the sale or transfer of digital assets, including digital currencies, coins, and non-fungible tokens (NFTs). If passed, the law would take effect immediately and cover all transactions beginning September 1.
Steck’s proposal specifies that tax revenues generated from crypto sales will fund a substance abuse prevention and intervention program for schools in upstate New York. The bill aims to integrate digital asset taxation into the state’s broader public welfare and education funding strategies.
“This measure updates state tax law to ensure that emerging financial technologies contribute to critical public programs,” Steck’s office noted.
The proposal must first pass through an Assembly committee, then win approval from the full Assembly before advancing to the state Senate. If both chambers approve, the bill will be sent to Governor Kathy Hochul, who can either sign it into law or issue a veto.
Across the US, crypto taxation policies vary widely. Some states, like Texas, have eliminated certain corporate and income taxes to attract blockchain companies, while others, including California and New York, treat crypto transactions similarly to cash. Washington State exempts cryptocurrency from certain taxes altogether.
New York City remains a global financial hub and a home to major crypto players, including Circle Internet Group, Paxos, Gemini, and Chainalysis. The state was the first in the US to introduce a comprehensive crypto regulatory regime, the BitLicense, in 2015. While some firms left the state over compliance costs, others embraced the framework to operate under a regulated structure.
With this latest tax proposal, New York could set a precedent for other states considering ways to regulate and monetize digital asset activity — potentially sparking a broader national debate on state-level crypto taxation.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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