Illinois Implements New 0.2% Tax on Cryptocurrency Transactions
- Illinois has enacted a 0.2% tax on transactions involving digital assets, effective for companies with gross revenues exceeding $100,000.
- The law targets activities such as exchanging, transferring, or custodial storing of digital assets.
- The state estimates this tax could generate approximately $60 million annually for its budget.
- Governor J.B. Pritzker signed the law into effect on June 16th, as part of a comprehensive budget bill.
- The Crypto Council for Innovation (CCI) has expressed concerns that this law unfairly targets the crypto sector compared to traditional financial instruments.
This legislation is seen as potentially leading to legal challenges from the crypto industry, which argues it creates an unequal regulatory environment. Experts also warn that the broad wording may extend beyond just cryptocurrency to other digital payment forms.
As Illinois implements this new tax, it raises significant concerns within the crypto community about fairness and regulatory clarity in financial markets.(Source)
