According to Cointelegraph, the Illinois state legislature has passed the 2027 fiscal year budget bill, which proposes a 0.2% tax on cryptocurrency transactions to be collected by digital asset brokers, and requires brokers operating within the state to register. Violators may face a Class 3 felony charge, with penalties of two to five years in prison and fines of up to $25,000, effective January 1. The bill requires signature by Governor JB Pritzker to take effect; he has previously indicated his intent to sign it promptly, but as of Friday morning, it had not yet been signed.
Illinois State Legislature Proposes 0.2% Tax on Crypto Transactions
AiCoinShare
Summary
Illinois on-chain news: The state legislature passed a 2027 fiscal year budget bill proposing a 0.2% tax on cryptocurrency transactions. Brokers must register and collect the tax, or face felony charges with up to five years in prison and $25,000 fines. The digital asset legislation now awaits Governor JB Pritzker’s signature.
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.