A leading industry group is taking action against a federal tax law that singles out blockchain assets for special treatment.
Digital Chamber he says The Digital Asset Tax Act in Illinois provides a 0.2% tax on the exchange, transfer and storage of digital assets with no similar burden on assets, stocks, or bonds.
It also states that the tax applies repeatedly to ordinary activities and reaches businesses that do not have sufficient cooperation with the government through a wide range of concepts.
This law only taxes and treats all changes, transfers and savings as separate taxes.
Plaintiffs are seeking declaratory and injunctive relief, alleging violations of Illinois and US equal protection, trade, and internet tax laws.
Plaintiff members include digital asset exchanges, regulators, financial institutions, payment companies, stablecoin providers, tokenization platforms, and blockchain service providers.
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