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New York Assemblymember Proposes 0.2% Excise Tax on Crypto Transactions

With a 0.2% levy on crypto sales starting September 2025, the proposal is estimated to raise $158 million annually for substance-abuse prevention in upstate schools.

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Ethereum new york nydfs bitcoin crypto taxes Excise Tax Phil Steck
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Overview

  • Assemblymember Phil Steck introduced Bill A0966/A08966 on August 13 to impose a 0.2% excise tax on the sale or transfer of digital assets across New York State.
  • The levy is slated to take effect September 1, 2025, and is projected to generate about $158 million annually based on Chainalysis data adjusted for New York’s share of U.S. GDP.
  • Revenue from the tax would be earmarked for expanding substance-abuse prevention and intervention programs in upstate New York schools.
  • The bill’s broad definition covers cryptocurrencies, NFTs, stablecoins and assets from mining or staking, placing remittance duties on the transfer actor and potentially shifting compliance and reporting burdens onto exchanges, wallets and DeFi platforms.
  • Before enactment the measure must clear committee review in the Assembly, pass both chambers and secure the governor’s signature, and its adoption could influence other states considering similar digital-asset levies.