On the Blockchain Gang: What Illinois' Draft Digital Asset Tax Rules Would Require

The Illinois Digital Asset Tax Act (the Act), enacted earlier this year as part of Public Act 104-0468, imposes a 0.2 percent tax on the privilege of receiving certain digital asset business activity from a digital asset broker in Illinois effective January 1, 2027. Unlike many transaction taxes, the tax is imposed on the value of the digital asset involved in the transaction rather than on the broker's fee....
By: Holland & Knight LLP