Illinois Governor JB Pritzker signed a $55.9 billion state budget that includes a new tax on digital asset transactions. Starting January 1, 2027, brokers will be required to charge 0.2% of the value of the exchange, transfer, custody and other operations with digital assets for clients from the state.

The measure was opposed by the Crypto Council for Innovation, the Digital Chamber and the head of a16z Crypto's legal department, Miles Jennings. In their view, the tax singles out cryptocurrencies into a separate category and creates a regime for digital asset users that does not exist for operations with stocks, bonds or derivatives.

According to BDO USA, the levy could also affect companies outside Illinois if their annual revenue from the state's clients reaches $100,000. Authorities expect the entire package of tax measures to bring in more than $800 million in additional revenue in fiscal year 2027.

Source: ForkLog