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Illinois crypto tax proposal hit by lawsuit
The Digital Chamber, a popular cryptocurrency lobbying organization, sued the U.S. state of Illinois on July 21 to halt a proposed tax plan. Illinois' Digital Asset Tax Act, passed and approved on a short notice last month on June 16, enacts a 0.2% tax on businesses transacting or storing crypto assets for their customers in the U.S. state. Illinois' official state slogan is Land of Lincoln," adopted to honor former U.S. President Abraham Lincoln, who lived and built his political career there. The law, which enacts a 0.2% tax on "receiving any digital asset business activity," takes effect on Jan. 1, 2027. It ... (full story)
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