Illinois backs delay to crypto tax rule after months of industry pushback
Summary
Illinois officials and crypto industry groups have jointly asked a judge to delay the state’s 0.2% digital-asset transaction tax from Jan. 1 to July 1, 2027, while a constitutional challenge proceeds. The request would temporarily spare brokers from collecting and remitting the levy and defer customers’ fallback payment obligations, but does not concede the law is unconstitutional or seek its repeal. The tax applies to certain covered transactions, not trading profits. A judge had not entered the requested order as of Oct. 4, and the state’s draft implementation rules remain under consultation. The lawsuit and rulemaking will continue, leaving firms awaiting both a court decision and final compliance details.
