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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Crypto Fear and Greed Index Drops to 56, Market Remains in Greed Territory
Project Hunt: Fintech Firm ALTS Highlights Projects with the Most New Top Influencer Followers in the Past 7 Days
Trending news
MoreCrypto prices
More








