With Illinois’ new tax on crypto set to become effective on Jan. 1, 2027, brokers with any Illinois exposure should prepare for registration now and review their recordkeeping, law firm Jones Day said in a commentary posted in June.
When the law becomes effective, Illinois will impose a 0.2% tax on the value of digital assets exchanged, transferred or stored by customers in the state. The tax will be borne by customers and will be collected by brokers that have either a physical presence in the state or $100,000 or more in Illinois gross receipts, according to the commentary.
Registration is required as of Jan. 1, 2027, even for those who have not met the tax collection threshold, per the commentary.
“Brokers with any Illinois…
