Industry Groups Challenge Illinois Digital Asset Tax Act

On August 21, two digital asset industry trade associations announced a lawsuit in the Circuit Court of Sangamon County challenging Illinois’s Digital Asset Tax Act. The Act, which takes effect January 1, 2027, imposes a 0.2% tax on the value of digital assets involved in certain exchanges, transfers, and storage activities conducted through digital asset brokers.... By: Sheppard, Mullin, Richter & Hampton LLP