The crypto industry is opposing a new tax law in the state of Illinois that enacts a 0.2% tax on businesses transacting or storing crypto for customers in the state, but it may be too late to change it in the short term.
The law enacts a 0.2% tax on “the receipt of any digital asset commercial activity,” according to the text of the bill, which defines digital asset commercial activity as “any single occurrence of exchanging, transferring, or storing a digital asset in the course of a business or on behalf of a customer.”
The tax applies to businesses based in Illinois or that provide services to state residents with total gross receipts of at least $100,000. The tax is expected to raise about $60 million, a person tracking the process said.
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 roughly $56 billion budget for fiscal year 2027 and also includes new taxes on fantasy sports, social media and other areas, ABC 7 reported.
