New York may tax crypto and NFT sales under a new bill, adding a 0.2% excise tax on digital asset transactions, effective Sept. 1. The bill aims to generate tax revenue, with proceeds going to school substance abuse programs in upstate New York.

State taxes on crypto vary widely in the US, with some states treating crypto as cash while others exempt it from taxes. New York City, a financial hub, is home to major crypto players like Circle Internet Group, Paxos, Gemini, and Chainalysis, benefitting from the state’s 2015 BitLicense regulatory regime.

Read more at Cointelegraph: New York Bill Would Tax Crypto Sales, Transfers