The New York Democrats proposed a bill to tax the sale and transfer of cryptocurrencies

ChainCatcher news, according to Cointelegraph, New York State Assemblyman Phil Steck has proposed Bill 8966, which aims to impose a 0.2% sales tax on cryptocurrency and NFT sales and transfers. The revenue will be specifically allocated to school drug abuse prevention programs.

Before the bill can take effect, it must first receive approval from the state assembly committee, then be submitted for a vote by the full assembly, and finally be signed by the governor. If passed before September 1, the bill will take effect immediately, potentially bringing significant tax revenue to New York State.