New York A 8966: Relates to water saving performance standards

Bill Text

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A08966 Summary:

BILL NOA08966 

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SAME ASNo Same As

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SPONSORSteck

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COSPNSR

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MLTSPNSR

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Add Art 12-B §289-n, Tax L

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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.

Go to top A08966 Actions:

BILL NOA08966 

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08/13/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA08966 Committee&nbspVotes:

Go to topA08966 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA08966 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8966

 2025-2026 Regular Sessions

 IN ASSEMBLY

 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:

 1 Section 1. The tax law is amended by adding a new article 12-B to read
 2 as follows:
 3 ARTICLE 12-B
 4 TAX ON DIGITAL ASSET TRANSACTIONS
 5 Section 289-n. Tax on digital asset transactions.
 6 § 289-n. Tax on digital asset transactions. 1. There is hereby imposed
 7 an excise tax on digital asset transactions, including the sale or
 8 transfer of digital assets, at a rate of two-tenths percent on and after
 9 September first, two thousand twenty-five. The funding shall be used to
 10 expand the substance abuse prevention and intervention program to
 11 schools in upstate New York.
 12 2. It shall be the duty of the person or persons making or effectuat-
 13 ing the sale or transfer to pay the tax provided by this article.
 14 3. For purposes of this article:
 15 (a) "Digital asset" shall mean an asset that is issued, transferred,
 16 or both, using distributed ledger or blockchain technology, including,
 17 but not limited to, digital currencies, digital coins, digital non-fun-
 18 gible tokens or other similar assets.
 19 (b) "Digital currency" shall mean any type of digital unit that is
 20 used as a medium of exchange or a form of digitally stored value.
 21 Virtual currency shall be broadly construed to include digital units of
 22 exchange that: (i) have a centralized repository or administrator; (ii)
 23 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

 1 or (iii) may be created or obtained by computing, manufacturing, or
 2 other similar effort.
 3 (c) "Distributed ledger or blockchain technology" shall mean a ledger
 4 or database that stores shared state by maintaining it across a multi-
 5 plicity of devices belonging to different entities and securing it
 6 through a combination of cryptographic and consensus protocols, where
 7 the shared state serves to authenticate, record, share, and/or synchro-
 8 nize transactions involving digital assets or virtual currencies.
 9 § 2. This act shall take effect immediately.

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