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New York Legislators Propose Imposing Cryptocurrency Tax to Fund School Projects
Summary: According to Cryptoslate, New York legislators are considering a bill to tax digital asset transactions. The proposal was introduced in the state assembly on August 13, planning to impose a 0.2% consumption tax on the buying or transferring of cryptocurrencies like Bitcoin and Ethereum starting from September. The tax revenue will be used to support ...
According to Cryptoslate, New York legislators are considering a bill to tax digital asset transactions. The proposal was introduced in the state assembly on August 13, planning to impose a 0.2% consumption tax on the buying or transferring of cryptocurrencies like Bitcoin and Ethereum starting from September. The tax revenue will be used to support the expansion of substance abuse prevention and intervention programs in schools across upper New York. Individuals or institutions facilitating these digital asset transactions will be responsible for paying this tax. If passed, New York will join the growing number of regions exploring specialized taxation on cryptocurrency activities.
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Link: New York Legislators Propose Imposing Cryptocurrency Tax to Fund School Projects [Copy]
