Illinois Enacts Digital Asset Tax Act; 0.2% Levy on Crypto Transactions Set for 2027

Illinois Governor JB Pritzker on Tuesday signed the Digital Asset Tax Act, establishing a 0.2% tax on the value of digital asset trades and related services provided to Illinois customers. The measure is scheduled to take effect on Jan. 1, 2027. The law places compliance obligations on cryptocurrency service providers, which will be required to collect the tax from customers and remit it to the state. Several industry groups, including the Crypto Council for Innovation, the Digital Chamber and the Illinois Blockchain Association, have opposed the legislation.