Illinois State Legislature Passes 0.2% Tax Proposal on Crypto Transactions

According to Cointelegraph, the Illinois State Legislature has passed a budget proposal for the 2027 fiscal year, proposing a 0.2% tax on cryptocurrency trading to be collected by digital asset brokers, and requiring brokers operating within the state to complete registration. Those who fail to comply with the regulations may be sentenced to a third degree felony from January 1st, facing two to five years in prison and a maximum fine of $25000. The budget proposal needs to be signed by Governor JB Pritzker before it can take effect. He previously stated plans to sign it as soon as possible, but as of Friday morning, the signing has not been completed.