Illinois Crypto Tax Delayed Six Months Amid Ongoing Lawsuit
Illinois state officials have agreed to delay the implementation of a new tax on digital assets by six months, following a lawsuit filed by crypto advocacy groups. The Digital Chamber, which led the lawsuit, reported that the state would postpone the 0.2% tax from January 1, 2027 to July 1, 2027.
The tax was included in Illinois' state budget for fiscal year 2027 and would have required crypto brokers to impose a 0.2% tax on digital assets, or face potential prison time and fines. Digital Chamber CEO Cody Carbone called the delay 'a major win' but emphasized that 'the job isn't done' and the organization will continue to fight against the tax in court.
The delay is seen as a victory for the crypto industry, but it's not a permanent solution. The Digital Chamber has vowed to continue its efforts to overturn the tax through legal means.