Woofun AI reports that Illinois will implement a 0.2% tax on digital asset transactions, transfers, and storage effective January 1, 2027. The levy targets brokers with a physical presence in the state or those generating over $100,000 in annual revenue there.

Jones Day advises firms to register in advance and audit record-keeping protocols, noting that even entities below the revenue threshold must complete registration by the 2027 deadline. Signed by Governor JB Pritzker in June, the legislation faces potential constitutional challenges. The Crypto Council for Innovation described it as "the most punitive digital asset tax law in the United States," while CFTC Chairman Michael S. Selig warned it could undermine Chicago's standing as a financial hub.