Illinois enacts 0.2% tax on digital asset business activity, drawing crypto industry backlash
By
Nikhilesh De
Kettled twice. Extra chewy, extra trustworthy.
Summary
Illinois has enacted a last-minute 0.2% tax on businesses that exchange, transfer, or store digital assets for customers in the state. The crypto industry is pushing back against the new law, which applies to firms based in Illinois or those providing services to state residents. The tax was added to the state budget unexpectedly, and sources indicate it is unlikely to be changed in the short term.
Key quotes
· 3 pulledThe law enacts a 0.2% tax on 'receiving any digital asset business activity,' according to the text of the bill
The tax applies to firms that are based in Illinois or provide services to residents of the state
The 0.2% tax on any business activity involving digital assets was added last-minute, and is unlikely to change, two people familiar with the matter said.
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