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Assembly Bill A8966

2025-2026 Legislative Session

Establishes a tax on digital asset transactions

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Current Bill Status - In Assembly Committee

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2025-A8966 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add Art 12-B §289-n, Tax L

2025-A8966 (ACTIVE) - Summary

Establishes a two-tenths percent tax on digital asset transactions including the sale or transfer of digital assets to fund the expansion of the substance abuse prevention and intervention program to schools in upstate New York.

2025-A8966 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8966
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 13, 2025
                                ___________
 
 Introduced  by M. of A. STECK -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law,  in  relation  to  establishing  a  tax  on
   digital  asset  transactions  to expand the substance abuse prevention
   and intervention program to schools in upstate New York

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a new article 12-B to read
 as follows:
                                ARTICLE 12-B
                     TAX ON DIGITAL ASSET TRANSACTIONS
 SECTION 289-N. TAX ON DIGITAL ASSET TRANSACTIONS.
   § 289-N. TAX ON DIGITAL ASSET TRANSACTIONS. 1. THERE IS HEREBY IMPOSED
 AN  EXCISE  TAX  ON  DIGITAL  ASSET  TRANSACTIONS, INCLUDING THE SALE OR
 TRANSFER OF DIGITAL ASSETS, AT A RATE OF TWO-TENTHS PERCENT ON AND AFTER
 SEPTEMBER FIRST, TWO THOUSAND TWENTY-FIVE.  THE FUNDING SHALL BE USED TO
 EXPAND THE  SUBSTANCE  ABUSE  PREVENTION  AND  INTERVENTION  PROGRAM  TO
 SCHOOLS IN UPSTATE NEW YORK.
   2.  IT SHALL BE THE DUTY OF THE PERSON OR PERSONS MAKING OR EFFECTUAT-
 ING THE SALE OR TRANSFER TO PAY THE TAX PROVIDED BY THIS ARTICLE.
   3. FOR PURPOSES OF THIS ARTICLE:
   (A) "DIGITAL ASSET" SHALL MEAN AN ASSET THAT IS  ISSUED,  TRANSFERRED,
 OR  BOTH,  USING DISTRIBUTED LEDGER OR BLOCKCHAIN TECHNOLOGY, INCLUDING,
 BUT NOT LIMITED TO, DIGITAL CURRENCIES, DIGITAL COINS, DIGITAL  NON-FUN-
 GIBLE TOKENS OR OTHER SIMILAR ASSETS.
   (B)  "DIGITAL  CURRENCY"  SHALL  MEAN ANY TYPE OF DIGITAL UNIT THAT IS
 USED AS A MEDIUM OF EXCHANGE  OR  A  FORM  OF  DIGITALLY  STORED  VALUE.
 VIRTUAL  CURRENCY SHALL BE BROADLY CONSTRUED TO INCLUDE DIGITAL UNITS OF
 EXCHANGE THAT: (I) HAVE A CENTRALIZED REPOSITORY OR ADMINISTRATOR;  (II)
 ARE  DECENTRALIZED  AND HAVE NO CENTRALIZED REPOSITORY OR ADMINISTRATOR;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11969-04-5
 A. 8966                             2

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