The crypto industry is pushing back against a new tax law in the state of Illinois that imposes a 0.2% tax on companies that trade or store crypto for customers in the state, but it may be too late to change that in the short term.
The law enacts a 0.2% tax on “any business receipt of digital assets,” according to the bill’s text, which defined digital asset business activities as “any single instance of the exchange, transfer or storage of a digital asset as part of a business or on behalf of a customer.”
The tax applies to businesses based in Illinois or providing 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 following the process.
The provision was added at the last minute to Illinois’ broader budget bill, according to two people following the matter, and was approved by Gov. JB Pritzker on June 16, according to the bill’s status page. The legislation creates a budget of about $56 billion for fiscal year 2027 and also includes new taxes on fantasy sports, social media and other areas, ABC 7 reported.
