Illinois enacts 0.2% tax on crypto businesses, drawing industry backlash

Illinois approved a 0.2% tax on any business activity involving digital assets, added last-minute to the state budget. The crypto industry warns it is unprecedented and may be impossible to change until 2027.

• Illinois Governor Pritzker signed a budget with a 0.2% tax on digital asset business activity.
• The tax applies to firms exchanging, storing or transferring crypto for Illinois residents.
• It was added last-minute and the legislature is out of session for the year.
• Industry group Crypto Council for Innovation called it discriminatory and unprecedented.
• The tax takes effect Jan 1, 2027; a lawsuit is seen as the most likely path to challenge it.

Coinporta summarises news for fast scanning. Full reporting belongs to the source.