Illinois Session Slog Ends in $56B Budget

Illinois passes $56 billion budget – The Bond Buyer

The budget includes new revenue streams like a social media platform fee, a digital advertising tax, and taxes on cryptocurrency, fantasy sports and prediction markets. It also caps net operating loss deductions for corporations, and decouples from a federal stock exclusion provision of the tax code to allow taxing capital gains at the individual income tax rate.

Illinois session slog ends in $56B budget

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Illinois legislative session slog ends in $56B budget, new taxes on social media companies, crypto, fantasy sports

General Assembly approves $56 billion budget

The state’s appropriations bill, approved by the Illinois General Assembly June 1, includes no cuts to the Illinois Department of Agriculture, Fall Covers for Spring Savings cover crop program or agricultural education.

Illinois budget includes sports prediction markets per-wager tax

The finalized version of the Illinois budget for the fiscal year 2027 includes an attempt to tax sports prediction markets on a per-trade basis, similar to the state’s high-profile per-wager tax for regulated sports betting. The $55.8bn budget approved on Monday morning includes various measures aimed at raising increased tax revenues for the state, including new taxes on products such as sports event contracts, cryptocurrency brokers, social me…

Approved Illinois Budget Includes New Sports Event Contract Tax

Illinois lawmakers this week approved the state’s nearly $56 billion budget for the upcoming year The budget includes a new “exchange wager” transaction tax based on sports event contracts Prediction market operators will be required to pay a new tax depended on the number of sports event contracts traded on their platform Illinois lawmakers approved the state’s nearly $56 billion budget for the upcoming year, as the extensive document contains …