Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to economic development
|Jan 28, 2021||
referred to economic development
Assembly Bill A3747
2021-2022 Legislative Session
Archive: Last Bill Status - In Assembly Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-A3747 (ACTIVE) - Details
2021-A3747 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3747 2021-2022 Regular Sessions I N A S S E M B L Y January 28, 2021 ___________ Introduced by M. of A. VANEL -- read once and referred to the Committee on Economic Development AN ACT to establish a task force to study the potential designation of economic empowerment zones for the mining of cryptocurrencies in the state of New York THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. a. A task force is hereby established to study the poten- tial designation of economic empowerment zones for the mining of crypto- currencies in the state of New York. b. For purposes of this act: (i) "cryptocurrency" shall mean a digital currency in which encryption techniques are used to regulate the generation of units and currency and verify the transfer of funds, operating independently from a central bank; (ii) "mining" shall mean the process of spending computer power to process transactions and add such transactions to a cryptocurrencies' blockchain; (iii) "blockchain" shall mean a digital ledger in which transactions made in cryptocurrencies are recorded chronologically and publicly; and (iv) "economic empowerment zone" shall mean an area within the state that has been designated by such term pursuant to section 1391 of the federal Internal Revenue Code (26 Unites States Code § 1391). c. The task force shall study: (i) the eligibility requirements and the process for a locality to receive an economic empowerment zone designation; (ii) how such eligibility requirements and processes would apply to a locality attempting to receive an economic empowerment zone designation for the mining of cryptocurrencies; (iii) the potential impact of such a designation on the workforce of such locality; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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