Illinois Crypto Tax Draws Industry Pushback After SB3019 Becomes Law - CryptoRank
Illinois SB3019, now law, imposes new crypto tax reporting requirements on digital asset transactions, effective for tax years beginning after December 31, 2024. Industry pushback is ongoing, but compliance is mandatory.
Aforeworn detected this change in the Crypto & DeFi Tax Reporting space on July 6, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated High urgency. Crypto exchanges/brokers, DeFi protocols, high-volume traders, and accounting firms operating in or serving Illinois residents. should confirm how it applies to their specific situation before acting. There is a time constraint attached: For tax year 2025 (starting January 1, 2025), with first reports due in early 2026. Immediate action needed for system updates.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Crypto & DeFi Tax Reporting continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.
What changed
Illinois SB3019 requires reporting of digital asset transactions to the Illinois Department of Revenue, similar to federal 1099-DA but with state-specific adjustments. It also modifies cost basis and wash sale rules for digital assets.
Who it affects
Crypto exchanges/brokers, DeFi protocols, high-volume traders, and accounting firms operating in or serving Illinois residents.
What you must do
Update tax reporting systems to capture Illinois-specific data, adjust cost basis calculations, and ensure compliance with new wash sale rules for digital assets.
Deadline
For tax year 2025 (starting January 1, 2025), with first reports due in early 2026. Immediate action needed for system updates.
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