The Blockchain Association and the Crypto Council for Innovation filed a lawsuit on August 21 against Illinois over a 0.2% digital asset tax set to take effect on January 1, 2027. The tax is calculated on the value of customers’ digital assets rather than their gains or broker fees. Brokers that exceed a nexus threshold of $100,000 in gross receipts from covered digital asset activity with Illinois customers over 12 months must collect the tax. If a broker fails to collect, the customer must remit the tax by the 20th of the following month. The plaintiffs seek a declaration that the law is invalid and preliminary and permanent injunctions blocking enforcement.
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