Imposes an excise tax on digital asset mining using proof-of-work methods, with proceeds aiding utility customers in energy affordability programs.

New York S08518 introduces an excise tax on taxpayers engaged in digital asset mining using proof-of-work authentication methods. The tax rate varies based on the annual consumption of electricity, with proceeds used to assist utility customers enrolled in energy affordability programs. The tax does not apply to electricity produced by renewable energy systems and consumed by facilities not connected to the electric grid.

Imposes an excise tax on digital asset mining using proof-of-work methods, with proceeds aiding utility customers in energy affordability programs.

New York S08518 introduces an excise tax on taxpayers engaged in digital asset mining using proof-of-work authentication methods. The tax rate varies based on the annual consumption of electricity, with proceeds used to assist utility customers enrolled in energy affordability programs. The tax does not apply to electricity produced by renewable energy systems and consumed by facilities not connected to the electric grid.