As reported by TheMarketPeriodical, New York Assembly member Anna Kelles has introduced a new bill, A9138, proposing an excise tax on electricity used for proof-of-work crypto mining. The bill, a companion to S8518, would require miners to pay into the state’s Energy Affordability Programs based on their energy consumption. Firms using more than 10 million kWh annually would pay 4 cents per kWh, with higher rates for those using over 20 million kWh. The legislation, currently at the committee stage, aims to take effect by early 2027. Critics argue it could drive miners out of the state rather than promote clean energy. Meanwhile, New York continues to lag behind other U.S. states in pro-crypto legislation.
New York Lawmakers Propose Excise Tax on Crypto Mining
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