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Illinois is preparing to begin taxing Bitcoin and cryptocurrency transactions, drawing sharp criticism from opponents who have labeled the measure the most punitive crypto tax in the country, according to a report by Decrypt.
The development marks a significant policy shift for one of the largest U.S. states by population and economic output.
What the Illinois Tax Targets The state is set to apply taxes to Bitcoin and broader crypto transactions, though the Decrypt report does not detail the specific rate structure or the precise mechanics of how each transaction type will be assessed.
That ambiguity matters: a tax applied at the point of exchange hits a different population of holders than one applied to mining rewards or staking income, and the on-chain footprint of each looks very different.
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