New York State may impose taxes on the sale and transfer of cryptocurrencies and non-fungible tokens (NFTs) based on a bill submitted to the state legislature.
On Wednesday, Democratic Assemblyman Phil Steck introduced Bill 8966, proposing a 0.2% sales tax on "digital asset transactions, including the sale or transfer of digital assets."
If the bill is passed, it will take effect immediately and apply to all sales and trading activities starting September 1.
As the world's largest financial and fintech center, New York City has attracted many industries that have embraced crypto technology by purchasing tokens worth billions of dollars or offering cryptocurrency-based financial products. Therefore, if the bill is ultimately implemented, it could bring significant tax revenue to New York State.
Assemblyman Steck noted in the bill that the funds generated from the sales tax on cryptocurrencies will be specifically used to expand "drug abuse prevention and intervention programs in northern New York schools."
The bill explicitly states that it will amend the state's tax laws, and the new tax will apply to "digital currencies, digital tokens, digital non-fungible tokens, or other similar assets."
Before the bill becomes law, it must go through several procedural steps. It first needs to pass committee review, then be submitted for a vote by the full House; afterward, it will be sent to the Senate, and if approved, it will be presented to the governor, who can choose to sign or veto the bill.
In the United States, both the federal and state governments have the authority to impose taxes, leading some states to lower (or, like Texas, completely eliminate) corporate and income taxes to attract companies looking to minimize their tax burden.
According to Bloomberg Tax, most states in the U.S. have yet to establish clear guidelines on how their tax authorities should treat cryptocurrencies. Regions like California and New York treat cryptocurrencies as cash, while states like Washington have implemented tax-exempt policies for cryptocurrencies.
New York State, particularly New York City, has long been home to heavyweight companies in the cryptocurrency industry due to its status as a global financial center.
Stablecoin issuers Circle Internet Group and Paxos, as well as cryptocurrency exchange Gemini and analytics firm Chainalysis, are headquartered in the city, along with many other cryptocurrency companies that have established offices there.
New York was the first state in the U.S. to launch a comprehensive cryptocurrency regulatory framework, introducing the BitLicense in 2015. This controversial licensing system led many cryptocurrency companies to leave the state due to the heavy burden. However, some companies, such as Circle, Paxos, and Gemini, have actively seized the opportunity to operate under regulation.
Related: Cryptocurrency and fintech executives call on the Trump administration to ban banks from charging customer data fees
Original article: “New York Lawmakers Propose Taxing Crypto Sales and Transfers”
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