PANews reported on October 20th, according to Decrypt. Last Friday, U.S. Democratic Representative Anna Kelles introduced Bill A9138 in the New York State Assembly and sent it to the Ways and Means Committee for consideration. The bill proposes imposing a consumption tax on electricity used by digital asset mining companies using proof-of-work authentication. It complements Senator Liz Krueger's Bill S8518. Both bills would require crypto miners to contribute to the New York State Energy Affordability Program based on electricity consumption. The specific tax rate is based on electricity consumption, with a tax exemption for up to 2.25 million kilowatt-hours, followed by a tax ranging from 2 to 5 cents per kilowatt-hour in various intervals. A9138 exempts mining facilities that are powered entirely by renewable energy and operate off-grid, to encourage sustainable development. The tax proceeds would be used directly for energy affordability programs. If passed, the tax would take effect on January 1, 2027. Both versions are currently under committee review.PANews reported on October 20th, according to Decrypt. Last Friday, U.S. Democratic Representative Anna Kelles introduced Bill A9138 in the New York State Assembly and sent it to the Ways and Means Committee for consideration. The bill proposes imposing a consumption tax on electricity used by digital asset mining companies using proof-of-work authentication. It complements Senator Liz Krueger's Bill S8518. Both bills would require crypto miners to contribute to the New York State Energy Affordability Program based on electricity consumption. The specific tax rate is based on electricity consumption, with a tax exemption for up to 2.25 million kilowatt-hours, followed by a tax ranging from 2 to 5 cents per kilowatt-hour in various intervals. A9138 exempts mining facilities that are powered entirely by renewable energy and operate off-grid, to encourage sustainable development. The tax proceeds would be used directly for energy affordability programs. If passed, the tax would take effect on January 1, 2027. Both versions are currently under committee review.
New York Democrats introduce companion bill for proof-of-work mining
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PANews reported on October 20th, according to Decrypt. Last Friday, U.S. Democratic Representative Anna Kelles introduced Bill A9138 in the New York State Assembly and sent it to the Ways and Means Committee for consideration. The bill proposes imposing a consumption tax on electricity used by digital asset mining companies using proof-of-work authentication. It complements Senator Liz Krueger's Bill S8518. Both bills would require crypto miners to contribute to the New York State Energy Affordability Program based on electricity consumption. The specific tax rate is based on electricity consumption, with a tax exemption for up to 2.25 million kilowatt-hours, followed by a tax ranging from 2 to 5 cents per kilowatt-hour in various intervals. A9138 exempts mining facilities that are powered entirely by renewable energy and operate off-grid, to encourage sustainable development. The tax proceeds would be used directly for energy affordability programs. If passed, the tax would take effect on January 1, 2027. Both versions are currently under committee review.
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