New York Assembly Bill A08966

New York 2025-2026 Regular Session

• Introduced: 8/13/25
• Refer: 8/13/25

Caption

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.

Impact

By establishing this tax, the bill is positioned to influence the financial landscape concerning digital transactions within New York State. It introduces a regulatory framework for digital assets, delineating a clear definition of what constitutes these assets. This is expected to encourage digital asset transactions to be conducted transparently while raising funds that can significantly enhance the support provided to schools in managing substance abuse issues—an area of increasing concern statewide. Proponents of the bill argue this could foster a healthier future for students, as resources become more accessible for prevention and intervention efforts.

Summary

Assembly Bill A08966 aims to impose a two-tenths percent excise tax on digital asset transactions, including the sale or transfer of various forms of digital assets such as cryptocurrencies and tokens. The collected revenues are earmarked specifically to fund the expansion of substance abuse prevention and intervention programs targeted towards schools in upstate New York. This legislative measure represents a novel approach to both taxation and social funding, intertwining technological financial impacts with community health initiatives.

Contention

However, the bill's introduction may not be without contention. Critics of A08966 could express concerns about the implications of taxing digital assets, particularly regarding the potential stifling of innovation in an emerging market. Additionally, there may be challenges related to enforcement and compliance, given the decentralized nature of many digital currencies and their transactions. Stakeholders concerned with individual privacy and the burgeoning digital economy may push back against perceived regulatory overreach, arguing it could deter investment in cryptocurrencies or related technologies.