Illinois Legislature Approves 0.2% Tax on Crypto Trading in Monday Budget Vote

According to Cointelegraph, Illinois state legislature approved its fiscal 2027 budget on Monday (June 2) that includes a 0.2% tax on crypto trading, to be collected by digital asset brokers. The measure, known as a "privilege tax" and part of the Digital Asset Privilege Tax Act amendment, also requires registration of any digital asset broker operating in Illinois.

Brokers failing to comply starting January 1 face potential classification as a Class 3 felony with sentences of two to five years imprisonment and fines up to $25,000. The budget passed the state legislature on Monday but requires Governor JB Pritzker's signature to take effect. Pritzker has publicly stated plans to sign quickly, though as of Friday morning it remained unsigned. Lawmakers project the crypto tax will generate $60 million in revenue for the state.