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New York Proposes 0.2% Crypto Tax for Schools

8/16/2025

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Summary

Story summary

Assembly Bill 8966, proposed by Phil Steck, introduces a 0.2% tax on crypto transactions to fund school substance abuse programs, effective September 1, 2025.
The bill seeks to regulate the expanding cryptocurrency market and generate revenue from digital assets such as Bitcoin and NFTs.
New York's regulatory approach may set a precedent for cryptocurrency taxation in other states.

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Story summary

Assembly Bill 8966, proposed by Phil Steck, introduces a 0.2% tax on crypto transactions to fund school substance abuse programs, effective September 1, 2025.
The bill seeks to regulate the expanding cryptocurrency market and generate revenue from digital assets such as Bitcoin and NFTs.
New York's regulatory approach may set a precedent for cryptocurrency taxation in other states.