PANews, June 6: According to Cointelegraph, the Illinois State Legislature has approved the 2027 fiscal budget, which includes a provision to impose a 0.2% tax on cryptocurrency transactions, to be collected by digital asset brokers. This measure, termed a "privilege tax," is part of an amendment to the Digital Asset Privilege Tax Act and includes registration requirements for any digital asset broker operating in Illinois. Brokers failing to comply with these regulations may be charged with a Class 3 felony in the state, facing two to five years in prison and fines of up to $25,000, effective January 1. The budget was approved by the state legislature on Monday but still requires signature by Governor JB Pritzker to take effect. Governor Pritzker has publicly stated his intention to sign the bill as soon as possible, but as of Friday morning, he had not yet done so.
Illinois Proposes 0.2% Tax on Crypto Transactions in 2027 Budget
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Summary
Citing PANews, Illinois has passed a 2027 budget that introduces a 0.2% tax on cryptocurrency transactions, referred to as a "privilege tax." The measure amends the Digital Asset Privilege Tax Act and links compliance with Countering the Financing of Terrorism (CFT) efforts. Brokers must register and collect the tax; failure to comply may trigger capital gains tax enforcement actions, including felony charges. The bill now awaits Governor JB Pritzker’s signature.
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