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Illinois Just Became the First State to Tax Crypto Transactions. Here Is What Every Business Needs to Know. - businessattorneychicago.com

Detected July 6, 2026 · in Crypto & DeFi Tax Reporting

Illinois becomes the first U.S. state to impose a tax on crypto transactions, requiring businesses to track and report digital asset trades for state tax purposes.

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, accounting firms, DeFi protocols, high-volume traders operating in Illinois should confirm how it applies to their specific situation before acting. There is a time constraint attached: Immediately; likely applies to current tax year transactions.. 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 now taxes crypto transactions, likely requiring state-level reporting and tax payments on gains from digital asset trades.

Who it affects

Crypto exchanges/brokers, accounting firms, DeFi protocols, high-volume traders operating in Illinois

What you must do

Review Illinois tax obligations for crypto transactions; update tax reporting systems to capture state-level data; consult with tax professionals.

Deadline

Immediately; likely applies to current tax year transactions.

Source: https://news.google.com/rss/articles/CBMi3wFBVV95cUxNdkJrX0lBZGl1cVlwR0tBdEhYQTg3cHJoNXIwYXdtcWpHNHRrSWpGZHlwZVpYemRNVExsekFSOEt6bUVnaWpRdUNpdWR0SXZzRURBN0ppNzg3MXNGbjVXZWJYVzlZOTZjcXI3OUo5Rlo0bzhqcWN4aFpvV0J5YVlkN21FQVBrN0pSV2RHZTExWXBhODZMdjVCQkdxTG5BQU0zZ0EyNHd2bEEtNlFfdzFEVFduV1lMRWpmNUxfekw1eGpHbUt4MVBXelVqemZnVW52YjZyWXNpMTh1b0t4Z3BR?oc=5

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