Crypto Industry Aghast at Illinois' New Tax on Holding or Transferring Digital Assets in State Budget
22 Articles
22 Articles
Inside Illinois' New Crypto Tax — What It Means for the Industry
Illinois has enacted a new regulatory measure imposing a 20 basis point tax on crypto transactions. According to Andoni Olta’s comments shared by Eleanor Terrett, this move effectively signals the legislature’s intent for crypto businesses to consider relocating. The official source of this announcement can be found here. Market Snapshot The introduction of this tax is a pivotal moment for the crypto sector in Illinois, as it raises concerns abo…
Illinois has just included in its 2027 budget a new and highly punitive tax on digital assets. A measure adopted at the last minute that causes shields to be lifted in the crypto industry. Article 0.2% by transfer: Illinois adopts "the most punitive crypto tax in the country" appeared first on Cryptoast.
The crypto industry is running a storm against a new law in Illinois. The controversial tax could drive companies and capital out of the state. Source: BTC-ECHO BTC-ECHO
Illinois Targets Bitcoin Transactions With New Tax Critics Call ‘Punitive’
TL;DR: Levy amount: The legislation permanently establishes a 0.2% rate on the transfer or purchase of digital assets within the jurisdiction. Revenue projection: The Illinois Policy Institute reported that lawmakers estimate generating up to $60 million during the first year of its implementation. Effective date: The state budget regulatory framework stipulates the mandatory start of collection for January 1, 2027. Illinois Governor J.B. Pritz…
ChainCatcher reports that Illinois Governor JB Pritzker signed the Digital Asset Tax Act on Tuesday, which will impose a 0.2% tax on digital asset transactions or services offered to Illinois customers, based on the transaction value. The act 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, similar to a sales tax. In…
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