ECONOMY

Illinois Enacts 0.2% Tax on Crypto Transactions Statewide

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Chicago. Governor J.B. Pritzker signed the Digital Asset Tax Act on 18th June 2026, embedding a 0.2% levy on the exchange, transfer and custody of cryptocurrencies into Illinois' fiscal year 2027 budget; the law requires digital asset brokers, including exchanges and custodians, to collect and remit the fee and takes effect January 1, 2027. State officials and sponsors project the transaction tax could raise up to $60 million in its first year, while industry groups and exchange leaders criticized the measure this week; affected firms have until January 1, 2027 to update systems for collection, and observers note that compliance costs, potential legal challenges, and business location decisions are likely immediate next steps.

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

June 2026: Illinois General Assembly includes Digital Asset Tax Act in FY2027 budget.
18th June 2026: Governor J.B. Pritzker signs SB3019, enacting the tax into law.
June–December 2026: Reports note collection duties assigned to brokers and exchanges and revenue projections published.
June 2026: Industry groups and exchange leaders publicly criticize the law and mount opposition efforts.
1st January 2027: Effective date when brokers must begin collecting the 0.2% digital asset transaction tax.

Why This Matters to You

If you're in Illinois and use crypto, you'll pay a bit more starting 2027. This 0.2% tax applies to exchanges, transfers, and custodies. Check your digital wallet or exchange app for any updates on this.

The Bottom Line

This new tax could bring Illinois up to $60 million in its first year. But it's not without controversy. Critics worry about the cost of compliance and potential legal battles. Worth forwarding if you know someone in the crypto game.