Urgent: New York Targets Crypto Sales with New Tax Bill
Main Idea
A New York State Assembly Democrat has proposed Assembly Bill 8966, which seeks to impose a 0.2% excise tax on the sale and transfer of digital assets and NFTs, potentially setting a precedent for crypto taxation.
Key Points
1. Assembly Bill 8966 proposes a 0.2% excise tax on the sale and transfer of digital assets and NFTs in New York.
2. The bill was introduced by Phil Steck, a Democratic member of the New York State Assembly.
3. If passed, the tax could impact high-volume crypto transactions and set a precedent for digital asset taxation.
4. The bill must go through committee review, public input, a full Assembly vote, and the governor's approval to become law.
5. The proposal is part of broader efforts to bring digital assets under New York’s tax regulations.
Description
BitcoinWorld Urgent: New York Targets Crypto Sales with New Tax Bill A significant development is brewing in the Empire State that could reshape the landscape for cryptocurrency enthusiasts and investors. A prominent New York Democrat has put forth a proposal aiming to introduce a new crypto tax New York , specifically targeting digital asset sales and transfers. This move signals a growing interest from lawmakers in regulating and taxing the burgeoning digital economy. What is This New York Cry...
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