New York State Assembly member Phil Steck introduced bill A08966, which proposes a 0.2% excise tax on all transactions involving digital assets, including the sale and transfer of cryptocurrencies and NFTs. The bill, introduced on August 13, 2025, will take effect on September 1 if approved. According to Steck's estimates, the tax could generate $158 million annually, based on Chainalysis data for 2022-2023 and New York's share of U.S. GDP. The funds will be directed to prevention and drug addiction programs in northern state schools.
The bill covers a wide range of digital assets, including bitcoins, Ethereum, NFTs, and stablecoins. New York, as a financial center, is home to companies like Circle, Paxos, and Gemini, making the tax potentially profitable, but it may complicate the operations of exchanges and DeFi protocols. The bill still needs to pass committee, Assembly, Senate, and receive the governor's approval.
The proposal has sparked discussions: some support the idea of funding social programs, while others fear excessive regulation. New York already has a strict BitLicense regime that has impacted the crypto industry since 2015.
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