🚨 New York Wants to Tax Crypto Transactions 🚨
Assemblymember Phil Steck has introduced Bill A8966, proposing a 0.2% excise tax on all digital asset sales & transfers — including crypto & NFTs.
📅 If passed:
Starts Sept 1
Funds go to school substance abuse prevention programs in Upstate NY 🏫
📊 Why it matters:
New York City = Global finance + crypto hub 💼
Could generate massive tax revenue
Might push some firms to leave NY (like with the BitLicense in 2015)
💡 State-level crypto taxes vary:
TX: No corporate/income tax
WA: Exempts crypto from taxes
CA & NY: Treat crypto as cash
