Illinois Digital Asset Tax Postponed Until July 1
What happened
A Sangamon County judge signed an agreed preliminary injunction between Illinois and The Digital Chamber, postponing a 0.2% tax on digital assets until July 1. The tax, which was scheduled to take effect on January 1, is part of a revenue package signed by Governor J.B. Pritzker last June. The Digital Chamber filed a complaint claiming the tax violates both Illinois and U.S. constitutions.
From cities929.com
Why it matters
The tax is a component of the state's revenue package, and the postponement allows parties to litigate the matter. This delay impacts the expected state income and compliance requirements for digital asset service providers in Illinois.
From cities929.com
Who's involved
- IllinoisState subject of the tax dispute and the preliminary injunction.
- Sangamon CountyCounty where the judge signed the preliminary injunction.
- JB PritzkerGovernor whose revenue package included the digital asset tax.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- CyrusOneSpeculative
CyrusOne might face increased compliance costs if the digital asset tax is reinstated.
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The entities involved
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Illinois
state of the United States of America
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Sangamon County
county in Illinois, United States
Nothing else this week.
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general assembly
meeting of all the members of an organization