New York Assembly Member Phil Steck introduced legislation (Bill A08966) on August 13, 2025, proposing a 0.2% excise tax on all digital asset transactions, including cryptocurrency sales/transfers and NFT transfers. The tax would take effect September 1, 2025, if passed through committee review, full Assembly vote, and governor approval.
The bill broadly defines taxable digital assets as any asset "issued or transferred using distributed ledger or blockchain technology", placing tax payment responsibility on individuals or entities executing transactions. Revenue would fund substance abuse prevention programs in upstate New York schools. Compliance challenges are anticipated for exchanges, traders, and DeFi protocols operating in the state.
This move aligns with global taxation trends: Indonesia saw crypto tax revenue jump 181% to $38M in 2024 (though 2025 collections dropped to $6.97M due to volatility), Thailand implemented tax exemptions to spur growth, and Japan considers lowering its 55% crypto profit tax after surveys showed 84% of holders would increase investments under a 20% flat rate. The proposal contrasts with innovation-friendly frameworks in Singapore/Switzerland and China's complete crypto ban.