Illinois Delays New Crypto Tax Amid Industry Pressure

Illinois has temporarily put on hold its new tax on crypto transactions. The state agreed to pause the implementation of the tax, which was set to take effect on January 1, after pressure from industry groups.

The Digital Chamber and Illinois Blockchain Association reached an agreement with state officials to delay the implementation of the tax while they continue to fight against it in court.

The new tax would have imposed a 0.2% duty on crypto transactions, transfers, and storage. Industry groups had argued that this was unfair and could lead digital asset companies to leave Illinois.

Supporters of the tax estimate that it will generate approximately $60 million in revenue for the state in 2027.