Imposes an excise tax on digital asset mining energy consumption in New York, with proceeds aiding utility customers in energy affordability programs.

New York A09138 introduces an excise tax on electricity used in digital asset mining employing proof-of-work authentication methods. The tax rate varies based on the annual consumption of electricity, with higher rates for greater consumption. The tax does not apply to electricity from renewable energy systems not connected to the grid. All collected taxes, interest, and penalties will fund benefits for residential customers enrolled in energy affordability programs, administered by the Department of Public Service. The tax is set to take effect from January 1, 2027.

Imposes an excise tax on digital asset mining energy consumption in New York, with proceeds aiding utility customers in energy affordability programs.

New York A09138 introduces an excise tax on electricity used in digital asset mining employing proof-of-work authentication methods. The tax rate varies based on the annual consumption of electricity, with higher rates for greater consumption. The tax does not apply to electricity from renewable energy systems not connected to the grid. All collected taxes, interest, and penalties will fund benefits for residential customers enrolled in energy affordability programs, administered by the Department of Public Service. The tax is set to take effect from January 1, 2027.