Illinois crypto groups seek injunction against new tax

Illinois crypto groups seek injunction against new tax

Two crypto trade groups sued Illinois to block its 0.2% digital asset tax before exchanges and custodians begin collecting it in 2027.

Crypto advocates join in suing Illinois over digital asset tax – CoinDesk

The tax has been estimated to potentially raise $60 million for the state budget, and critics have noted that it will be imposed even if the taxpayer has lost money on crypto, because it's based on transactions. "Illinois cannot impose a novel tax regime that discriminates against digital commerce, creates uncertainty for consumers and businesses, and threatens to fragment a rapidly growing national market," said Summer Mersinger, CEO of the Blo…

Crypto Advocates Sue Illinois Over Digital Asset Tax

Two crypto advocacy groups have joined the legal fight against Illinois’ new 0.2% tax on digital asset transactions, filing a complaint that challenges the first-in-the-nation levy on constitutional grounds. A Second Legal Challenge The Crypto Council for Innovation (CCI) and the Blockchain Association filed a complaint on Friday, August 21, in Sangamon County Court, according to CoinDesk. The filing adds to a separate lawsuit brought last month…