Crypto lobby group Digital Chamber sues Illinois to block digital asset tax
Illinois enacted a 0.2% tax on all crypto transactions last month, with the tax taking effect next year.
AI Summary
The Digital Chamber has filed a lawsuit to block Illinois' new 0.2% tax on digital asset transactions, arguing it violates the U.S. and Illinois constitutions as well as the Internet Tax Freedom Act. The tax, which applies to entities based in or operating in Illinois with gross receipts over $100,000, was passed on short notice and takes effect in January. The lawsuit seeks a federal injunction against enforcement of the Digital Asset Tax Act.