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

The Internal Revenue Service will drop its audits of Donald Trump and his family, according to The New York Times. This development comes as the latest term in a settlement agreement between the Trump administration and the Justice Department, which bars the IRS from investigating Trump and his family over past tax issues.

Settlement Details:

• New settlement terms explicitly bar the IRS from investigating Trump and his family on past tax matters
• The Justice Department expanded the settlement to cover his tax audits
• Trump has also set up a $1.8 billion legal fund to compensate his allies

Controversy:

The arrangement has sparked intense debate over conflicts of interest and presidential privilege. Critics argue that the president is using executive power to interfere with tax audit procedures, breaking long-standing traditions of law enforcement independence. The House attempted to pass an amendment opposing the compensation fund, but it was blocked by Republicans.

Sources: The New York Times, CNN, Politico