Illinois to Tax Bitcoin and Crypto Transactions Starting 2027
Illinois Governor JD Pritzker signs a new law imposing a 0.2% tax on cryptocurrency transactions, with implementation set for January 1, 2027. Critics, including the Crypto Council for Innovation, label it the "most punitive digital asset tax" in the U.S., potentially generating $60 million in revenue next year, according to Decrypt.
On June 17, 2026, Illinois Governor JD Pritzker signed the "Digital Asset Tax Act," which establishes a 0.2% tax on transactions involving cryptocurrency, effective from January 1, 2027. The tax applies to activities such as asset transfers and purchases conducted in Illinois, as well as transactions made by individuals whose "primary place of use" is in the state.
The Crypto Council for Innovation (CCI) expressed serious concerns regarding the legislation. In a statement, the group described the tax as the "most punitive digital asset tax" in the country, emphasizing that it would burden residents using digital assets and potentially drive innovation out of the state. The CCI highlighted that Illinois would be unique in imposing such a transaction-based tax within a competitive landscape for digital asset innovation.
Additionally, all applicable taxes must be collected by digital asset brokers operating within Illinois, including major cryptocurrency exchanges. The Illinois Policy Institute noted that the state expects to collect around $60 million in tax revenue next year from this new tax.
Critics argue that the move could have severe repercussions for the local crypto industry and its consumers. The CCI articulated that the tax regime could position Illinois unfavorably compared to other states, hindering its attractiveness as a destination for tech innovation.
As the digital asset tax takes effect in 2027, stakeholders will be monitoring its implementation closely and assessing its impact on both the local crypto market and consumer behavior in Illinois.
Summary based on original reporting by Logan Hitchcock at Decrypt, originally published Jun 17, 2026. SolanaWire does not republish source content.
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