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NFTs Added to Taxable Digital Products List in Pennsylvania

June 22, 2022, 8:21 PM

Pennsylvania has formally pulled nonfungible tokens, or NFTs, into its sales tax code, quietly adding the latest craze in the digital economy to a list of products taxed by the state, a spokesman said Wednesday.

The Department of Revenue added the tokens to an updated taxability matrix used by retailers to determine the tax treatment of thousands of goods and services, he noted. They took their place on a list of computer hardware, digital products, and streaming services subject to the state’s 6% sales and use tax. NFTs are unique digital assets that serve as certificates of authenticity for works ...