Illinois Governor J.B. Pritzker signed Senate Bill 3019 into law as part of the FY2027 budget, creating a 0.2% privilege tax on digital asset services provided by brokers to state customers starting January 2027. The move targets exchange, transfer, and custody activities with registration and remittance rules for qualifying brokers, though details on enforcement remain pending from the Department of Revenue.
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NEW: Illinois Governor Pritzker has signed a 0.2% tax on crypto transactions into law including transfers between personal wallets, with the Crypto Council for Innovation calling it "the most punitive digital asset tax in the country."
Groups like the Crypto Council for Innovation have called the measure the most punitive state-level digital asset tax in the country, citing risks of lower liquidity and firms relocating once it takes effect.
Expert summaries indicate the tax applies to brokers above a receipts threshold rather than direct peer-to-peer personal wallet transfers, leaving open questions about precise scope until implementation guidance appears.
Users strongly criticized Illinois Governor signing a 0.2% crypto transaction tax, calling it unenforceable and horrific while directing personal insults at him.
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predicted this over a decade ago
Decentralized money is a threat to centralized control, and the easiest way to control something is to tax it.
NEW: Illinois Governor Pritzker has signed a 0.2% tax on crypto transactions into law including transfers between personal wallets, with the Crypto Council for Innovation calling it "the most punitive digital asset tax in the country."
actually it gets better
> bam, that's a 0.2% tax bucko > get out money from your pocket to transfer the tax > bam, that's another 0.2% tax bucko > get out money from your pocket to transfer the tax
infinite tax achieved
> be human > wear pants > have cash in your left pocket > move it to your right pocket > bam, that's a 0.2% tax bucko
incredible
NEW: Illinois Governor Pritzker has signed a 0.2% tax on crypto transactions into law including transfers between personal wallets, with the Crypto Council for Innovation calling it "the most punitive digital asset tax in the country."
@mert We should tax the food between the fork and his mouth
@mert > transfer 0.2% to the government to pay tax > bam, that's another 0.2% tax bucko
@mert He looks like the main baddie from 1990s kids show, Biker Mice from Mars
@mert hmm privacy never been more important
@mert The amount of absolutely stupidity within governments when it comes to how crypto actually works is mind boggling. This is why it was never meant to be “clarified”. It is meant to be sovereign free peer to peer currency
@mert Meanwhile we in Europe “36% unrealized capital gains tax in Netherlands is so stupid no one can invent anything worse” lol
@glipglop_ @mert > proceeds to transfer that 0.2% > bam another 0.2%
@mert This guy cant fit any money in his pockets because there’s already a bunch of candy bars in them
@mert
@mert hey mert, @zinc_cash just hit rate limits on Helius' biggest plan. do you think you or someone can help them out?
cc: @shift_boss
@mert the tax rate actually converges to 1/(1-0.2%)= 0.2004008016...% (geometric series), not infinite 🤓
@mert @toly >hold zec >move z2z >never happened
@mert @toly Are they forgetting it’s not just US citizens that use crypto to begin with?
@mert Imagine 0.2% gets charged every time you move your cash from checking account to savings account.
@mert Zelle, PayPal, all the banks all use either their own stable coin or plan to. This will fail because they won’t want to be taxed on that. (I’m assuming, having not researched this law.)
@mert
@mert Time to enable the privacy feature!
