Illinois Proposes 0.2% Tax on Crypto Transactions Starting 2027
- —Tax rate set at 0.2% of the digital asset's value from January 1, 2027
- —Covers buying and selling, fiat-to-crypto and crypto-to-fiat conversions, and some blockchain-to-blockchain transfers
- —Direct peer-to-peer transfers without an intermediary or valuable consideration are excluded
- —New York previously proposed a similar 0.2% excise tax (A8966), but it has not been enacted
Why it matters: US states are building their own crypto tax regimes, raising trading costs and creating a patchwork of rules for brokers.
Source: ZyCrypto