Bill > A08966

This bill establishes a new 0.2% (two-tenths of a percent) tax on digital asset transactions, which includes the sale or transfer of digital assets, effective September 1, 2025. The tax will specifically fund the expansion of substance abuse prevention and intervention programs in upstate New York schools. The bill provides detailed definitions for key terms such as "digital asset" (which includes digital currencies, coins, and non-fungible tokens issued or transferred using distributed ledger or blockchain technology) and "digital currency" (any digital unit used as a medium of exchange or stored value, encompassing both centralized and decentralized forms of digital units). The tax liability will be the responsibility of the person or entity conducting the digital asset transaction. By creating this new tax, the bill aims to generate additional funding for school-based substance abuse programs while also establishing a comprehensive regulatory framework for defining and taxing digital asset transactions.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8966