Crypto group sues Illinois over digital asset tax
A crypto industry group, TDC, filed a federal lawsuit asking a judge to block Illinois' Digital Asset Tax Act, which was added to the state budget at the end of the session. The suit alleges violations of the Illinois constitution's uniformity and due process clauses, the U.S. Commerce Clause, and the Internet Tax Freedom Act, and claims federal tax law preempts the state measure. The law imposes a 0.2% tax on digital asset service firms based in or providing services in Illinois with over $100,000 in gross receipts and is set to take effect in January.
Lawsuit seeks to block Illinois' 0.2% digital asset tax
Context
The tax provision was added to the Illinois budget just before the session ended last month. The law sets a 0.2% levy on qualifying digital asset service firms and starts in January. The federal lawsuit asks a judge to block the law, so a…
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