Illinois postpones proposed tax on cryptocurrency transactions
Illinois lawmakers postponed consideration of a proposed tax that would have levied covered digital-asset transactions based on transaction value rather than on realized capital gains. The proposal would have created tax liabilities even when sales produced losses, a distinction that drew strong industry opposition and raised particular concerns about effects on high-frequency traders and market makers. The measure has not become law, so federal and Illinois tax obligations remain unchanged, including the IRS view of digital assets as property and normal capital-gains and income rules. Lawmakers could revive or modify the proposal in a future session.
Proposed Illinois crypto transaction tax has been postponed
Context
Lawmakers proposed a tax on digital-asset transaction value instead of gains. Critics…
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