Core Summary
Illinois has added a new tax provision targeting digital assets in its latest state budget, imposing a 0.2% tax on any business activity involving the holding or transfer of digital assets within the state. The provision was added at the last stage of budget negotiations, drawing strong opposition from the crypto industry.
Details
According to CoinDesk, the tax applies to any business activity involving digital assets conducted within Illinois. Two sources familiar with the matter said the provision was added in the final stages of the budget and is unlikely to be changed.
Crypto industry organizations quickly issued statements criticizing the tax as “shortsighted and harmful,” arguing it will drive crypto businesses out of Illinois to more regulatory-friendly states.
Editor: GoodInfo Global News Team