Illinois will postpone implementation of crypto tax following lawsuit
60-second summary
Illinois postpones its 0.2% cryptocurrency tax for six months after lawsuits and industry pushback claim the legislation was rushed. State officials agree to delay implementation, giving businesses and investors time to adjust. The pause may temper immediate compliance costs, but the eventual tax could still affect transaction volumes and market liquidity statewide.
State officials agreed to delay the 0.2% crypto tax for six months after lawsuits and industry pushback claimed the bill was rushed through the legislature.