The Illinois crypto tax will take effect in January next year, and brokers need to register in advance.
Foresight News reports, according to PYMNTS, that Illinois' new crypto tax will take effect on January 1, 2027. The law firm Jones Day recommends that brokers with business in the state register in advance and review their record-keeping processes. The new tax rate is 0.2% and applies to the value of digital assets traded, transferred, or stored by clients in the state. It is to be collected by brokers with a physical presence in Illinois or total Illinois revenue of $100,000 or more. Even if this threshold is not met, brokers must complete registration before January 1, 2027. Jones Day noted that the bill may face constitutional challenges. The bill was signed by Illinois Governor JB Pritzker in June. The Crypto Council for Innovation called it "the toughest digital asset tax law in the country," and CFTC Chairman Michael S. Selig also commented that this move will put pressure on Chicago's status as a financial center.
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