Crypto industry aghast at Illinois’ new tax on holding or transferring digital assets in state budget
The 0.2% tax on any business activity involving digital assets was added last-minute, and is unlikely to change, two people familiar with the matter said.
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Summary
- Illinois Governor J.B. Pritzker approved the legislature’s $56 billion budget, which includes a new 0.2% tax on digital asset business activity.
- Any business exchanging, storing or transferring digital assets for Illinois residents will be responsible for reporting this tax, according to the legislation.
- The tax was added last-minute, two people familiar with the situation said, and the legislature is now out of session for the year.
