A bill introduced by Assemblymember Phil Steck may introduce a new tax on cryptocurrencies in New York, directing collected funds to social programs.
Contents and Purpose of the Bill
Assemblymember Phil Steck's legislation proposes a 0.2% excise tax on the sale or transfer of cryptocurrencies, NFTs, and similar digital assets. The revenue generated is intended to fund substance abuse prevention and intervention programs in schools in upstate New York.
Legislative Process
The proposal must go through several stages, including committee review, a vote in the state Assembly, and approval from the Senate and the governor. If passed, the law could take effect as early as September 1.
Impact on Other States
If the bill becomes law, New York could set a precedent for other states considering similar digital asset taxes, potentially influencing how such transactions are treated nationwide.
Phil Steck's proposed legislation reflects the growing attention to the taxation of digital assets in the United States and its potential impact on economic policy in other states.
