US Justice Department, business groups and DeFi firms challenge Illinois crypto tax
Summary
Industry organizations and decentralized finance companies have taken legal action against an Illinois tax targeting digital assets. The plaintiffs argue that the levy applies to transactions that generate no profit, potentially breaching federal law and driving up operational expenses.
Industry groups argued in court filings that Illinois’ crypto tax, which applies even when a transaction yields no profit, could raise compliance costs and violate federal law.
Source: Read the full story at Cointelegraph.com News
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