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Illinois approves digital asset tax in state budget
As reported by CoinDesk, the new provision taxes "receiving any digital asset business activity" at 0.2%, covering single instances of exchanging, transferring or storing a digital asset as part of a business or on behalf of a customer. The legislation applies to firms based in Illinois or serving state residents if they record at least $100,000 in total gross receipts. A person following the process says the tax is expected to raise about $60 million, and the measure takes effect on Jan. 1, 2027. Two people familiar with the matter say the provision is added late to the broader budget bill, limiting the ... (full story)
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