New York State Legislators Propose Crypto Tax to Fund School Project

BlockBeats News, August 15th, according to cryptoslate report, New York legislators are considering a bill that would impose a tax on digital asset transactions.

The proposal was introduced in the state assembly on August 13th, with plans to implement a 0.2% consumption tax on the buying or transferring of digital assets such as Bitcoin and Ethereum starting in September.

According to the proposed bill, the tax revenue will be used to support the expansion of substance abuse prevention and intervention programs in schools across upstate New York. Individuals or entities facilitating these digital asset transactions will be responsible for paying this tax. If passed, New York will join the growing number of regions exploring dedicated taxation on digital asset activities.