The US Justice Department, the US Chamber of Commerce, financial industry groups and a coalition of decentralized finance firms are supporting a legal challenge to Illinois’ 0.2% tax on digital assets. Enacted in June, the levy applies to the value of assets exchanged, transferred or stored even when a transaction generates no profit. Its effective date, initially set for January 1, 2027, was delayed until July 1, 2027, allowing more time for the legal challenges. Illinois projected that the tax would generate $60 million in fiscal year 2027. Opponents cite compliance costs, potential criminal penalties and possible violations of federal laws governing interstate commerce and uniform taxation.
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