Illinois will become the first state in the US to impose a tax on digital asset transactions, expected to take effect in 2027

Odaily Planet Daily News Illinois has become the first state in the US to tax digital asset transactions. The SB 3019 bill signed by Governor J.B. Pritzker includes the Digital Asset Tax Law, which imposes a 0.2% practitioner tax on brokers who trade, transfer, or custody digital assets for clients in the state. The tax is expected to take effect on January 1, 2027, and is projected to generate approximately $60 million in annual revenue for the state government.

The tax is based on business activities rather than profits. Traditional securities brokers in Illinois are not subject to a similar tax burden. Former federal prosecutor Renato Mariotti criticized the tax for being included in the budget bill without sufficient public debate. The Digital Chamber of Commerce and the Illinois Blockchain Association jointly oppose the tax, calling it "substantively unsound, procedurally flawed, and economically destructive." (cryptobriefing)