New York State plans to introduce crypto transaction tax, which could increase by $158 million per year
2025-08-15 23:31:31
According to Decrypt, New York State Assemblyman Phil Steck has introduced a bill to impose a 0.2% excise tax on cryptocurrency transactions statewide, which is expected to increase by $158 million per year. The funds will be used for anti-virus and intervention programs in upstate New York schools. The tax covers NFTs, digital assets obtained from mining and pledging, and stablecoins. Currently, eight states, including New York and California, treat cryptocurrencies as cash equivalents in their taxes, and have imposed capital gains taxes, gift taxes, and estate taxes on digital assets.
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