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New York Bill Proposes 0.2% Excise Tax on Crypto and NFT Transactions

According to Assemblymember Phil Steck, a proposed 0.2% cryptocurrency sales tax could generate $158 million annually for combating drug abuse in upstate New York schools.

Fact Check
The statement is directly supported by multiple credible news sources (Cointelegraph, Law360, Cryptonews.com) which all corroborate that New York Assembly Bill 8966 proposes a 0.2% excise tax on digital asset transactions, including crypto and NFTs. Although one source provided conflicting information and an erroneous future date, the weight of consistent, corroborating evidence from several reliable outlets is very strong.
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Summary

New York State legislator Phil Steck has proposed a 0.2% sales tax on cryptocurrency transactions, including NFTs, mined assets, and stablecoins, with proceeds funding drug abuse prevention in upstate New York schools. Based on Chainalysis data from July 2022 to June 2023 and New York’s GDP share in 2024, the tax is projected to yield $158 million annually from an estimated $79 billion in crypto transaction value. The New York Department of Financial Services oversaw 845 million transactions across licensed crypto firms in 2024, though values were not disclosed.

Terms & Concepts
  • NFT (Non-Fungible Token): A unique digital asset stored on a blockchain, often representing art, collectibles, or other digital property.
  • Stablecoin: A type of cryptocurrency pegged to the value of a stable asset, such as the U.S. dollar, to reduce price volatility.