New York Democrats Propose Bill to Tax Cryptocurrency Sales and Transfers

According to a report by Cointelegraph, New York State legislator Phil Steck has introduced Bill 8966, which proposes a 0.2% consumption tax on the sale and transfer of cryptocurrencies and NFTs. The tax revenue will be specifically allocated to school drug abuse prevention programs. Before taking effect, the bill must first be approved by the state legislative committee, then submitted for a full legislative vote, and finally signed by the governor. If passed before September 1, the bill will take immediate effect and could generate significant tax revenue for New York State.