Crypto tax in Illinois FY2027 budget is one step away from becoming law
The law, part of a budget plan passed by Illinois lawmakers, would put the burden of collecting a 0.2% tax on crypto transactions on a registered broker.
Some digital asset industry advocates are pushing back against a provision in a $56 billion state budget passed by the Illinois General Assembly on Monday, due to its impact on crypto users.
In a Senate bill included as part of the Illinois state budget for the fiscal year 2027, lawmakers proposed a 0.2% tax on crypto transactions, to be imposed by the “digital asset broker making or effectuating the sale of the digital asset business activity.” The 1624-page bill, part of the revenue and tax package to fund the state’s 2027 budget, passed along party lines early on Monday.
Senate Bill 3019. Source: Illinois General Assembly