Illinois signs 0.2% crypto transaction tax, industry calls it one of the most anti-crypto laws in the US
Odaily Planet Daily News: Illinois Governor JB Pritzker signed the "Digital Asset Tax Act" on Tuesday, imposing a 0.2% tax on the transaction value of digital asset transactions or services provided to Illinois customers. The law will take effect on January 1, 2027.
The tax primarily targets crypto service providers, including exchanges, custodians, and brokers, requiring them to collect and remit the tax, with a mechanism similar to a sales tax.
Industry organizations such as the Crypto Council for Innovation, Digital Chamber, and Illinois Blockchain Association strongly oppose the bill, stating that it could become one of the most stringent digital asset tax regimes in the country.
Critics argue that the tax will impose additional costs on Illinois residents solely for using digital assets and may drive crypto companies, developers, and innovation activities out of the state.
