If you live in Illinois, heads up on the most insane tax bill ever to be passed into law. This effectively charges every action involving digital assets (even just moving assets) with a 0.2% tax starting January 1, 2027.
Move from an exchange to your cold wallet? Taxed.
Move from your cold wallet to an exchange? Taxed.
Sell assets at a loss (no capital gains). Taxed
Illinois sucks
https://www.coindesk.com/policy/2026/06/17/crypto-industry-aghast-at-illinois-new-tax-on-holding-or-transferring-digital-assets-in-state-budget
13 Comments
Bad precedent for other blue states to follow . Greedy government hand in the cookie jar
The Dems want to run JB for president. Between his position on 2A and now this, I’m sure he’ll be able to gain widespread support amongst only his dedicated fanbase which is what carried Kamala to victory. /s
Fuck off,Illinois
At least give the full news. Law cannot be used yet (apart from not being 2027) because IL hasn’t defined which movements can be defined as a “transfer”.
It would be moronic to think that they will not exclude own to own transfers.
Wouldn’t it be extremely difficult to track this for the irs?
Time to move from Illinois
Riiiiiight, because the Illinois government did so much to build crypto infrastructure and support it in their state.
This tax is without representation and frankly a baseless money grab.
lol this fat boy wants to run for president
Good 👍
I hope more states see the logic in this.
He needs to get a real job and life
Illinois is such a shit hole.
So are stocks digital assets. What about paper gold? They technically are only digital… why not apply this tax when people take loans against their portfolios?
They are struggling to keep Chicago running 😳 looking for new ways to hit peoples pockets that won’t chase the voters away. Sooner or later it will all crash down , prob later after every one is broke and jobless