Illinois lawmaker files bill to repeal new 0.2% digital asset tax
By
Jim Talamonti
Summary
Illinois State Rep. John Cabello has filed House Bill 5798 to repeal the state's newly-passed digital asset tax, which imposes a 0.2% tax on the value of digital assets held or transacted by Illinois residents. Cabello argues the tax is punitive and will burden constituents, estimating it could raise $60 million or more in revenue. The tax was part of a revenue package recently signed by Gov. J.B. Pritzker.
Source
Twitter / XIllinois lawmaker files bill to repeal new 0.2% digital asset taxthecentersquare.comKey quotes
· 2 pulledThere's a lot of constituents and other folks that have interests that think this is going to raise revenue and tax them around $60 million or more.
The revenue package signed by Gov. J.B. Pritzker last week includes a 0.2% tax on the value of digital assets held or transacted by Illinois residents.
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