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Illinois has enacted SB3019, introducing a 0.2% digital asset tax from 2027 and drawing criticism from crypto industry groups.
Read full articleIllinois has enacted a 0.2% tax on digital asset transfers that will apply whether a trade ends in profit or loss, beginning Jan. 1, 2027. Industry groups have branded the measure the most punitive crypto tax in the U.S. and are already pushing for a repeal. A Tax on Movement, Not Profit Illinois has become […]
Illinois' digital asset tax may drive crypto businesses to relocate, impacting the state's tech ecosystem and innovation landscape. The post Illinois becomes first US state to tax digital asset transactions with new 0.2% levy appeared first on Crypto Briefing.
Illinois' crypto tax may deter businesses, potentially stifling innovation and economic growth while prompting investors to seek alternatives. The post Illinois passes law to tax crypto transfers starting 2027 appeared first on Crypto Briefing.
The CEO of Coinbase, Brian Armstrong, severely criticized the upcoming Illinois’ crypto tax law, noting that it could be detrimental to blockchain innovation and employment. Specifically, Armstrong noted that such legislation could force blockchain innovation away from Illinois, creating extra complications for those who develop products based on blockchain technology.
Critics say the measure effectively singles out digital assets for taxation based on technology rather than activity.
Illinois has approved a new 0.2% tax on crypto transactions that state officials estimate could generate up to $60 million annually, prompting public criticism from Strategy co-founder Michael Saylor and several industry groups. In a June 17 X post, Saylor…
Critics say the Illinois transaction-level tax could deal severe consequences to the crypto industry and consumers in the state.
Illinois' new 0.2% digital asset tax takes effect January 2027, assessed on transaction value rather than gains, with self-custody treatment still unresolved.
