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06/17 07:35

Illinois governor approves crypto transaction tax

#World Cup Predictions: 100,000 USDT Daily Illinois governor approves crypto transaction tax despite industry uproar Illinois Governor JB Pritzker signed a $55.9 billion state budget bill into law on Tuesday, including a 0.2% "privilege tax" on crypto transactions, despite calls from crypto industry groups urging him to veto the provision. In a letter addressed to Pritzker ahead of the signing on Tuesday, the Crypto Council for Innovation called for a “line-item veto” of Article 3 of Senate Bill 3019, a transaction tax that applies to all digital asset transactions on any registered platform under broadly termed “digital asset business activity.” “This will create an unprecedented tax regime that disproportionately burdens Illinois residents for simply using digital assets and will drive innovation and builders out of the state,” CCI said on X on Tuesday. The wide-reaching digital asset tax could also impact out-of-state companies if they have sufficient customer activity in the state, according to US tax firm BDO USA. The bill is part of the state budget for fiscal 2027, making Illinois the only state to tax digital asset users this way, regardless of income, gains or profit, unlike traditional tax structures. Digital asset brokers operating in the state are also required to register and comply with new reporting obligations. Akin to taxing email rather than post The CCI argued the tax would single out digital assets simply based on the technology used to process them. “Taxing a transaction based on the medium through which it happens to occur on a blockchain is akin to taxing correspondence because it is delivered by email rather than by post.” Related: Crypto tax proposals weighed ahead of Tuesday House hearing They also said the timing is poor, since the industry is already adjusting to the federal Digital Assets and Consumer Protection Act (DACPA) and Congress is separately working on a national tax framework for crypto assets. The Digital Chamber sen

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