Illinois passes 0.2% crypto transaction tax, awaits governor's signature

The U.S. state of Illinois has passed a budget for its 2027 fiscal year that includes a 0.2% privilege tax on cryptocurrency transactions, Cointelegraph reported. The tax is to be collected and remitted by registered digital asset brokers on a transactional basis. Under the new rules, which would take effect on Jan. 1, 2027, unregistered brokers could face up to five years in prison and fines. The provision, included in an amendment to the Digital Asset Privilege Tax Act, now awaits the signature of Governor J. B. Pritzker to become law. The media outlet added that the measure is projected to generate approximately $60 million in additional annual tax revenue for Illinois but has drawn strong opposition from the industry, which claims it was advanced without prior consultation.