Illinois is close to passing a major state cryptocurrency tax. Lawmakers have approved the 2027 budget, which includes a 0.2% tax on some digital asset transactions. The proposal now awaits Governor JB Pritzker’s signature and would also require digital asset brokers in the state to register.
The tax is part of a larger $56 billion budget passed by the Illinois General Assembly. Officials estimate it could bring in about $60 million in revenue if it becomes law.
If the proposal passes, digital asset brokers would have to collect the tax. The law also sets out compliance rules and penalties for those who do not register or follow the rules. Breaking these rules could lead to fines or even prison time.
Industry groups have strongly criticized the proposal. Organizations like the Digital Chamber and the Illinois Blockchain Association say it was introduced without enough input from stakeholders.
They warn the tax could hurt innovation, make Illinois less appealing to blockchain businesses, and reduce the state’s competitiveness in digital assets.
Supporters, on the other hand, believe the proposal will raise more state revenue and improve oversight of digital asset activities.
With Governor Pritzker likely to sign the budget, the crypto industry is watching closely. If the measure passes, Illinois would be among the first states to set up a large-scale tax framework for cryptocurrency transactions, which could set a precedent for other states.
Illinois could become the first U.S. state to directly tax crypto transactions.
A new FY2027 budget proposal includes a 0.2% tax on crypto trades, with brokers responsible for collecting it. The bill has cleared lawmakers and is now just one governor’s signature away from… pic.twitter.com/L6JILiM5in
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