NY Democrats Propose Companion Bill Targeting Proof-of-Work Mining
Assembly Bill 9138 mirrors earlier Senate legislation imposing tiered excise taxes on energy-intensive crypto mining operations.
Assembly Bill 9138, introduced Friday in the New York State Assembly, would tax proof-of-work miners based on electricity consumption, with rates ranging from 2 to 5 cents per kilowatt-hour.
The companion bill to Senate Bill 8518 would funnel collected taxes into New York's Energy Affordability Programs for low- to moderate-income households.
Mining operations using renewable energy and operating off-grid would be exempt from the tax, which takes effect January 1, 2027.
New York lawmakers launched a legislative strike against crypto mining Friday, introducing companion legislation to a Senate bill that would force proof-of-work miners to pay high taxes based on their electricity consumption.
On Friday, Assembly Bill A9138 was introduced in the New York State Assembly by Democratic Assembly member Anna Kelles and referred to the Ways & Means Committee.
The bill would impose an excise tax on electricity used by businesses engaged in digital-asset mining under proof-of-work authentication methods.
This measure is a companion to the S8518 Bill, introduced earlier this month by State Senator Liz Krueger, Chair of the Senate Finance Committee, in the New York State Senate.