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NY S08518
Bill
Status
10/1/2025
Primary Sponsor
Liz Krueger
Click for details
AI Summary
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Imposes a tiered excise tax on electricity used by proof-of-work cryptocurrency mining operations in New York, with rates ranging from 0 cents for consumption up to 2.25 million kilowatt-hours annually to 5 cents per kilowatt-hour for consumption exceeding 20 million kilowatt-hours
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Exempts electricity from the tax if it is produced by renewable energy systems and consumed at facilities not connected to the electric grid
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Treats affiliated companies under common control as a single entity for calculating electricity consumption thresholds, making them jointly and severally liable for tax payments
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Directs all collected taxes, interest, and penalties to fund benefits for residential customers enrolled in energy affordability programs administered by the Department of Public Service
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2027
Legislative Description
Imposes an excise tax on any taxpayer engaged in the trade or business of digital asset mining; provides that taxes, interest, and penalties collected or received from such taxes shall be used for prompt assistance to utility customers enrolled in energy affordability programs.
Last Action
REFERRED TO ENERGY AND TELECOMMUNICATIONS
1/7/2026