The Illinois Department of Revenue (IDOR) announced on the 28th that it has published the proposed regulations for the 'Digital Asset Tax Act,' which aims to tax cryptocurrency transactions, on its official website. This marks the beginning of soliciting feedback from industry stakeholders before the formal rule-making process. The act targets business activities related to digital assets provided to customers within Illinois as taxable events.
According to the proposal, the tax rate is set at 0.2% of the value of digital assets, with the implementation date scheduled for January 1, 2027...
