The cryptocurrency industry is pushing back against a new tax law in the state of Illinois that enacts a 0.2% tax on businesses that transact or store cryptocurrency for customers in the state, but it may be too late to change it anytime soon.
The law enacts a 0.2% tax on “receiving any digital asset trading activity,” according to the bill’s text, which defined digital asset trading activity as “any single event of exchange, transfer, or storage of a digital asset as part of a business or on behalf of a customer.”
The tax applies to companies based in Illinois or that provide services to residents of the state with total gross receipts of at least $100,000. The tax is expected to raise about $60 million, said a person who followed the process.
The provision was added at the last minute to Illinois’ broader budget bill, according to two people who followed the matter, and was signed into law by Gov. JB Pritzker on June 16, according to the bill’s status page. The legislation creates a roughly $56 billion budget for fiscal year 2027 and also includes new taxes on fantasy sports, social media and other areas, ABC 7 reported.
