New York Congressman Proposes 0.2% Tax on Cryptocurrency Transactions New York State Councilor Phil Steck proposed Bill 8966, which plans to impose a 0.2% consumption tax on the sale and transfer of cryptocurrencies and NFTs, and the income tax will be used for school drug abuse prevention programs. The bill needs to be approved by the state legislative committee, voted by the entire parliament, and signed by the governor. If passed before September 1st, it will take immediate effect.