Illinois Moves to Implement Taxes on Bitcoin and Other Cryptocurrency Transactions Amid Criticism Over Harsh Rates
Starting January 1, 2027, Illinois will impose a 0.2% tax on cryptocurrency transactions, a move criticized by the Crypto Council for Innovation as potentially the "most punitive digital asset tax" in the U.S., which may drive away both current businesses and future innovators. Despite the expected $60 million in revenue next year, this tax could undermine Illinois' competitive position in the digital economy, particularly as states like Wyoming and Florida create more crypto-friendly environments.
