Illinois Delays 0.2% Crypto Tax Until 2027 Amid Industry Pressure

Illinois has agreed to delay the implementation of its 0.2% crypto transaction tax until July 1, 2027, after industry plaintiffs argued that the January deadline would require millions of dollars in compliance spending.

The state's proposed rules, which were published in draft form, would treat stablecoins as covered digital assets and impose a levy on certain fee-based wallet transfers, including those from exchange wallets to customer personal wallets.

The delay follows a joint court motion from Illinois and industry plaintiffs, including the Digital Chamber and the Illinois Blockchain Association, requesting a preliminary injunction to prevent enforcement of the tax while the legal challenge continues.

At the federal level, a separate bill, the Digital Asset Tax Certainty Act, has cleared a House committee, aiming to raise $500 million in federal revenue over fiscal 2027-2036.