Illinois agrees to six-month delay of crypto tax as industry continues court battle
In this news:
Key takeaways
- Illinois agreed to a six-month delay of its Digital Asset Tax.
- Crypto advocacy groups are challenging the tax in court as unconstitutional.
- The industry argues the tax is preempted by the federal Internet Tax Freedom Act.
Crypto advocacy groups — which have combined efforts to oppose the Illinois plan — had previously asked a state court on September 9 to grant a temporary stop as the industry complained of the costs companies were already weathering to brace themselves for it.
“We’re pleased that the State of Illinois has agreed to delay implementation of its Digital Asset Tax, giving digital asset businesses and users relief from costly compliance obligations while we continue to seek to have this tax permanently repealed through the courts,” said Digital Chamber CEO Cody Carbone in a statement.
The industry has disputed the validity of the tax under state law and has argued it's unconstitutional. In addition, crypto organizations contend that it's preempted by federal law in the Internet Tax Freedom Act.
The filing, reviewed by CoinDesk, will argue that both parties are seeking the delay “in the interest of justice while the matter works towards resolution on the merits.”
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