Illinois Unveils Draft Rules for First Virtual Asset Tax System
Summary
- Illinois has unveiled draft rules to introduce its first tax system for virtual assets.
- The Illinois government is moving to establish a new tax framework for virtual assets.
- Specific tax rates and the scope of taxable assets are set to be determined through follow-up procedures tied to the draft.
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Illinois has unveiled draft rules to introduce its first tax system for virtual assets, or cryptocurrencies.
Cointelegraph reported on September 29 that the draft published by the state shows Illinois is moving to establish a new tax framework for virtual assets.
The proposal is Illinois' first taxation plan designed to apply a separate tax to virtual assets.
Specific tax rates and the scope of taxable assets are set to be determined through follow-up procedures tied to the draft.
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