New York State Proposes Crypto Transaction Tax, Projected to Generate $158 Million Annually
According to a report by Jinse Finance citing Decrypt, New York State legislator Phil Steck has introduced a bill proposing a 0.2% consumption tax on cryptocurrency transactions statewide. The tax is expected to generate an additional $15.8 million annually, with the funds earmarked for anti-drug and intervention programs in upstate New York schools. The tax would apply to digital assets such as NFTs, mining and staking income, and stablecoins. Currently, eight states—including New York and California—already treat cryptocurrencies as cash equivalents for tax purposes and impose capital gains, gift, and estate taxes on digital assets.
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