Illinois agrees to six-month delay of crypto tax as industry continues court battle
Summary
Illinois has agreed to postpone its 0.2% tax on certain crypto activity for six months, according to the Digital Chamber and Illinois Blockchain Association. The tax, approved in June, applies to firms with more than $100,000 in receipts and covers transactions and asset custody. The groups and state officials plan to ask a Sangamon County judge to approve the delay. The court case will then proceed to address whether the tax is constitutional and enforceable, including industry claims that state law invalidates it and that federal law preempts it.
