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ETH Illinois promotes new tax framework for digital assets
Illinois is actively promoting a new tax framework for digital assets. Under the plan, starting in 2027, a 0.2% tax will be levied on certain cryptocurrency-related transactions. On September 28, the Illinois Department of Taxation issued proposed rules detailing how the Digital Assets Tax Law will be implemented. These rules cover digital asset exchanges, transfer and custody services provided by companies to customers.
Taxation Scope and Enforcement Mechanism
Under this framework, the tax will take effect on January 1, 2027, and the tax rate will be 0.2% of the value of digital assets involved in qualified transactions. Digital asset brokers will collect the fee from customers and turn it over to the state government. It is worth noting that the activities covered by the rule include the buying and selling of digital assets, the conversion of fiat currencies to cryptocurrencies, the conversion of cryptocurrencies back to fiat currencies, and certain chain-to-chain transactions. Transfers made through brokers may also be included in the scope of taxation.
However, the proposal does not treat all cryptocurrency transactions equally. The rules exclude direct point-to-point transfers that do not involve intermediaries and do not pay for consideration.
Similar moves by other states
Illinois is not the only state considering imposing additional taxes and fees on the cryptocurrency industry. In August 2025, New York state lawmakers introduced Bill A8966, which aims to establish a 0.2% excise tax on digital asset transactions, including the sale or transfer of digital assets. The bill has been transferred to the House Ways and Means Committee for review and is still a proposal and has not yet become law.
Unlike Illinois 'measures, New York's proposal clearly stipulates that the revenue will be used to support the expansion of substance abuse prevention and treatment programs in schools in upstate New York. In addition, New York State has also considered a tax policy specifically for energy-intensive cryptocurrency mining.
New York State Mining Energy Tax Proposal
In October 2025, lawmakers introduced Bill S8518 to impose a consumption tax on electricity consumed by Proof-of-Work digital asset mining operations. In the same month, lawmakers introduced a supporting House Bill A9138. The two bills are still under review in committee.
The proposed tax system adopts a hierarchical structure. Mining companies that consume more than 2.25 million kilowatt-hours of electricity a year will face tax rates of 2 to 5 cents per kilowatt-hour, depending on how much they consume. The proposal applies to tax years beginning on January 1, 2027.
In March 2026, this issue once again attracted attention as New York state lawmakers added a cryptocurrency mining tax to the House budget proposal. According to the materials provided, the proposal is expected to generate US$95 million in annual revenue starting in 2027 and US$380 million in annual revenue through 2030. Industry groups opposed the measure on the grounds that other energy-intensive industries had not been targeted in the same manner.
National trends
In addition to Illinois and New York, Maryland, Pennsylvania, Arkansas, Montana, Kentucky and Washington have also introduced taxes on cryptocurrency or digital asset activities. Most proposals focus on cryptocurrency mining, energy consumption or digital asset businesses, rather than directly targeting taxes on ordinary cryptocurrency transactions.
