Illinois agrees to six-month crypto tax delay, pending court approval

Illinois has agreed to postpone its crypto tax for six months, according to the Digital Chamber and Illinois Blockchain Association, which negotiated the delay with state officials. A judge must approve the agreement before the postponement takes effect. Illinois approved the 0.2% tax in June, with a scheduled start date of January 1. The tax covers crypto transaction activities and accepting assets for storage involving firms with more than $100,000 in receipts. The parties are expected to file a joint request for the delay on Thursday morning in the state circuit court in Sangamon County. If the court approves the request, the parties can avoid litigation over injunctions and focus on disputed legal questions about the Digital Asset Tax Act's constitutionality and enforceability. Crypto industry groups continue their court challenge to the tax.