According to ME News, on September 9 (UTC+8), the Blockchain Association and the Crypto Council for Innovation filed a motion for a preliminary injunction in the Sangamon County Circuit Court of Illinois, seeking to halt the implementation of a 0.2% digital asset franchise tax set to take effect on January 1, 2027, pending the outcome of legal proceedings. The tax applies to crypto entities that are based in Illinois or serve Illinois residents and have annual gross revenues exceeding $100,000. The two lobbying groups previously sued Illinois, joined by the Digital Chamber, arguing that the bill violates the federal Internet Tax Freedom Act and the Due Process and Interstate Commerce Clauses of the U.S. Constitution. (Source: ODAILY)
Blockchain Association and CCI Seek Injunction to Halt Illinois’ 0.2% Digital Asset Tax
KuCoinFlashShare
Summary
The Blockchain Association and CCI have asked the Sangamon County Circuit Court to block Illinois’ 0.2% digital asset regulation tax, scheduled for 2027. The tax applies to crypto firms with annual revenue exceeding $100,000. The groups argue that the law violates the federal Internet Tax Freedom Act and constitutional due process. CFT concerns also play a role in the legal challenge. The lawsuit was previously filed and now seeks a preliminary injunction.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.