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

Odaily Planet Daily News Illinois has become the first U.S. state to tax digital asset transactions. Governor J.B. Pritzker signed SB 3019, which includes the Digital Asset Tax Law, imposing a 0.2% gross receipts 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 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 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 damaging." (cryptobriefing)