Illinois' 0.2% Crypto Tax Sparks Legal Battle
The Blockchain Association and Crypto Council for Innovation have filed a lawsuit against Illinois over a newly approved 0.2% tax on digital assets, set to take effect in 2027. This legal action highlights concerns for everyday crypto users who may face monthly tax bills based on total asset value if brokers fail to collect the levy. The lawsuit seeks to challenge the tax's implementation.
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Everyday crypto users face monthly tax bills on total asset value if covered brokers fail to collect under new Illinois rules
Blockchain Association and CCI seek injunctions, but the filing itself did not suspend the 0.2% levy. The post Everyday crypto users face monthly tax bills on total asset value if covered brokers fail to collect under new Illinois rules appeared first on CryptoSlate .
Illinois’ 0.2% Crypto Tax Sparks a Full-Blown Courtroom War
Two heavyweight crypto trade groups have dragged Illinois into court over a first-in-the-nation 0.2% tax that could hammer digital asset trades, transfers, and storage when it kicks in Jan. 1, 2027. The Blockchain Association and Crypto Council for Innovation filed the complaint on Aug. 21 in Sangamon County Circuit Court against Illinois Department of Revenue […]
Crypto advocates join in suing Illinois over digital asset tax
The Crypto Council for Innovation and the Blockchain Association added another lawsuit against the state for its recently approved 0.2% crypto tax.