The law, part of a budget plan passed by Illinois lawmakers, would put the burden of collecting a 0.2% tax on crypto transactions on a registered broker.
Source: Cointelegraph
Crypto tax in Illinois FY2027 budget is one step away from becoming law
Illinois is on the verge of implementing a new crypto tax as part of its Fiscal Year 2027 budget, with the proposal now just one step away from becoming law. The tax aims to regulate and generate revenue from the burgeoning cryptocurrency market, reflecting a growing trend among states to establish frameworks for digital assets. Proponents argue that this measure will bring much-needed oversight and contribute to state funds, while critics express concerns about the potential impact on innovation and investment in the tech sector. If passed, this legislation could set a precedent for other states considering similar regulations.