Illinois Introduces Cryptocurrency Transaction Tax, Industry Groups Decry 'Strictest Tax Regime in the Nation'

On the 16th, the Governor of Illinois signed the Digital Asset Transaction Tax Law, introducing a 0.2% tax on cryptocurrency transactions, storage, and transfers. This marks the first instance of a state in the United States legalizing a transaction-based cryptocurrency tax, set to be implemented on January 1, 2027. The law is part of a $55.9 billion state budget package, with an expected annual revenue of approximately $60 million. The taxable transactions include trades on exchanges, wallet...