Illinois Unveils Draft Rules for First Cryptocurrency Tax Regime
JH Kim
Summary
- Illinois has unveiled draft rules to introduce its first tax regime for virtual assets (cryptocurrencies).
- Under the Illinois draft rules, the state plans to establish a new tax framework for virtual assets.
- Specific details, including the tax rate and taxable assets, are to be finalized through follow-up procedures for the draft.
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Illinois has unveiled draft rules to introduce its first tax regime for virtual assets, or cryptocurrencies.
Cointelegraph reported on September 29 that the draft released by the state outlines a plan to establish a new tax framework for virtual assets.
The proposal marks Illinois' first tax measure designed to apply a separate levy to virtual assets.
Specific details, including the tax rate and the scope of taxable assets, are to be finalized through follow-up procedures tied to the draft.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.