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

According to Odaily, Illinois has become the first state in the US to levy a tax on digital asset transactions. Governor J.B. Pritzker signed SB 3019, which includes the Digital Asset Tax Law, imposing a 0.2% occupation 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 tax revenue for the state.

The tax applies to business activities rather than profits, and traditional securities brokers in Illinois do not bear a similar tax burden. Former federal prosecutor Renato Mariotti criticized the tax for being included in the budget without adequate public debate. The Digital Chamber of Commerce and the Illinois Blockchain Association have jointly opposed the tax, calling it "unsound in substance, flawed in process, and economically destructive." (cryptobriefing)