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Bill

A 8966

Establishes a tax on digital asset transactions

2025 Regular Session Introduced by Phil Steck

Establishes a state tax on digital asset transactions to raise revenue; applies to exchanges, wallets, and users engaging in crypto transfers and dispositions.

REFERRED TO WAYS AND MEANS
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WeVote Research Nonpartisan
Bill Summary · A 8966

Summary: Bill A 8966 – Establishes a Tax on Digital Asset Transactions

Basic bill information

  • Bill number: A 8966
  • Title: Establishes a tax on digital asset transactions
  • Sponsor (primary): Phil Steck
  • Introduced: August 13, 2025
  • Current status: Referred to Ways and Means
  • Legislative actions to date:
    • 2025-08-13: Referred to Ways and Means (duplicate entry appears in record)

Purpose and intent

  • The bill aims to create a statutory framework for imposing a tax on transactions involving digital assets (cryptocurrencies or other blockchain-based assets) within the state. The overarching goal is to generate state revenue from activities related to digital asset exchanges, transfers, and dispositions.

Key provisions (as described)

  • The available information confirms only the broad objective: to establish a tax on digital asset transactions.
  • The specific design features—the tax rate, taxable events (e.g., sale, exchange, transfer, disposition), scope of assets covered, exemptions, credits, thresholds, base calculation, and administration—are not provided in the summary. These details would be defined in the bill’s text.
  • Administrative and enforcement details (e.g., who collects/remits the tax, reporting requirements, penalties for noncompliance) would be included in the full bill.

Who would be affected

  • Primary actors likely to be affected include:
    • Digital asset exchanges, brokers, wallets, and other intermediaries that facilitate transactions in the state.
    • Individuals and businesses engaging in digital asset transactions within the state (purchasers, sellers, traders, and miners/mining operations if applicable by the bill’s terms).
    • Other entities involved in the transfer or disposition of digital assets as defined by the bill.
  • The exact scope (which entities and activities trigger the tax) will be clarified in the bill text.

Procedural and timeline aspects

  • The bill has advanced to the Ways and Means committee, indicating it is moving through the fiscal and revenue-oriented stage of consideration.
  • Next steps typically include committee deliberations, potential amendments, floor votes in the adopting chamber, and, if approved, reconciliation with any companion or Senate version, followed by potential gubernatorial action.
  • Effective date and implementation timeline (when the tax would begin, transition rules, and any phased rollout) are not specified in the information provided and would be determined by the final language.

Notes

  • The provided summary lacks the bill’s detailed provisions (rate, taxable events, exemptions, administration). Interested readers should review the full text of A 8966 for precise definitions and operative mechanics once available.
  • The duplicate “Referred to Ways and Means” entry in the record appears to reflect two identical actions rather than a separate procedural step.

Compiled from official sources — confirm details with the bill’s official record.

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