Illinois FY2027 budget measure would place 0.2% crypto transaction tax on registered brokers
Illinois lawmakers passed a budget plan that includes a measure to tax crypto transactions at 0.2%, with the collection burden placed on registered brokers. The proposal is now one step away from becoming law.
What happened?
Illinois lawmakers passed a budget plan that includes a measure to tax crypto transactions at 0.2%, with the collection burden placed on registered brokers. The proposal is now one step away from becoming law.
Why it matters
Under the proposal, the responsibility for collecting the tax would fall on a registered broker rather than on individual users. That detail is important for crypto companies and other market participants because it would shape how compliance and reporting are handled if the measure is enacted.
Illinois lawmakers have passed a budget plan that includes a provision for a 0.2% tax on crypto transactions, putting the measure one step away from becoming law in the state.
Under the proposal, the responsibility for collecting the tax would fall on a registered broker rather than on individual users. That detail is important for crypto companies and other market participants because it would shape how compliance and reporting are handled if the measure is enacted.
The development adds another example of state-level crypto tax policy moving through the legislative process in the US. For the broader crypto ecosystem, changes like this can affect how exchanges, brokers and related service providers structure their operations in a given jurisdiction.
The measure is part of Illinois' FY2027 budget plan. If it becomes law, it would formalize the tax treatment described in the budget legislation and create a new obligation for brokers handling eligible crypto transactions.