Cointelegraph reporting on the bill today says that it applies to transfers between personal wallets:
However, @BitcoinNews reporting says that it doesn't necessarily apply to "trading from a personal wallet"
Whatever the case, the law sounds pretty awful:
When the bill passed in June, Cointelegraph had more extensive coverage:
In a Senate bill included as part of the Illinois state budget for the fiscal year 2027, lawmakers proposed a 0.2% tax on crypto transactions, to be imposed by the “digital asset broker making or effectuating the sale of the digital asset business activity.” The 1,624-page bill, part of the revenue and tax package to fund the state’s 2027 budget, passed along party lines early on Monday.
The measure, described as a “privilege tax” within the Digital Asset Privilege Tax Act amendment to the bill, included registration requirements for any entity operating as a digital asset broker in Illinois. Brokers who failed to follow the guidelines from Jan. 1 could be found guilty of a Class 3 felony in the state and subject to a prison sentence of two to five years and fines up to $25,000.
Here's hoping that this leads to mass bitcoin exodus from Illinois.
Yeah no one is going to claim this on their taxes.
Anyone from Illinois on SN? Have fun rifling through every zap for a year.
"Let's see 0.2% x 10 sats"
I imagine they'll just enforce it at the exchange / kyc'd service level and mostly ignore all the rest.
Maybe of will drive people toward using self custody...or just out of the state.
Great advertisement for Illinoisans (that's a tongue twister) to self custody.
It should be fun seeing how this is enforced.
I believe Strike's business address is
200 North LaSalle St, Suite 2360, Chicago, IL 60601Now I know what those empty closets in Mallers’ room are for: transaction tax reports!
Surprise surprise, a tax in Illinois. Illinois seems to be one of the top wasteful (and maybe corrupt, I don't know) states in the U.S. It is absolutely run by Chicago, which is a world different from the farming communities everywhere else.
A for-instance of incompetence/foolishness/corruption: it was told to me that one of the interstates was contracted out to different companies for each one to do 20 mile segments. The result is a patchwork of shoddy pavement and patched potholes. The only reason I can imagine doing splintered 20 mile chunks is a kickback somehow, somewhere, to somebody. Worse, it's one one the few states in the region to actually charge tolls for, ahem, road construction and upkeep.
I don’t remember seeing anything this stupid. Politicians being politicians. In the state of Illinois, do you also have to pay a tax to the state for transferring fiat money?
Mallers is cooked. Might be time to move Strike to Texas
https://twiiit.com/CoinDesk/status/2067212744193872038