[Crypto Innovation Council and Blockchain Association Sue Illinois, Challenging 0.2% Digital Asset Tax]
According to CoinDesk, the Crypto Innovation Council and Blockchain Association have filed a civil lawsuit in Sangamon County, Illinois, challenging the state's 0.2% tax policy on digital assets. The plaintiffs allege that the tax law violates the U.S. Constitution, the Illinois Constitution, and the Internet Tax Freedom Act. The tax law stipulates that entities conducting business or providing services to residents in Illinois, with annual revenue exceeding $100,000, must pay a 0.2% tax on digital asset transactions or storage. The plaintiffs argue that the tax law imposes punitive treatment on digital assets, even though lawmakers estimate the measure will generate $60 million annually for the state budget.
