Illinois Bitcoin Council - Nostr Hypermedia

The Rate Was Never the Point Congress’s tax committee just voted 38–5 that some digital asset transactions are too small to be worth tracking. Illinois taxes all of them, and the 0.2% is the cheapest part.

The Rate Was Never the Point

Congress’s tax committee just voted 38–5 that some digital asset transactions are too small to be worth tracking. Illinois taxes all of them, a...

ilbtccouncil 2 months ago

The Only Money With No Owner | What AI Can't Borrow From Bitcoin

ilbtccouncil 2 months ago

The Last Time Illinois Taxed Something for Being Electronic, Its Own Supreme Court Struck It Down In July I told you the Internet Tax Freedom Act argument had a weakness. I want to update that — and introduce you to a 2013 case that almost nobody covering this tax has mentioned.

The Last Time Illinois Taxed Something for Being Electronic, Its Own Supreme Court Struck It Down

In July I told you the Internet Tax Freedom Act argument had a weakness. I want to update that — and introduce you to a 2013 case that almost nob...

ilbtccouncil 2 months ago

#Bitcoin doesn't have rugpulls.

ilbtccouncil 2 months ago

You CAN Take It With You A thought experiment on inheritance, deflation, and the last decision you'll ever make.

ilbtccouncil 2 months ago

Thank you to State Representative Martin McLaughlin for his leadership and support!

ilbtccouncil 2 months ago

Illinois Wrote Two Digital Taxes in the Same Bill. Only One of Them Is Measured the Normal Way. One takes a share of what a company charges. The other takes a share of what your money is worth. That difference is not a detail, and fixing it takes one line.

Illinois Wrote Two Digital Taxes in the Same Bill. Only One of Them Is Measured the Normal Way.

One takes a share of what a company charges. The other takes a share of what your money is worth. That difference is not a detail, and fixing it ta...

ilbtccouncil 2 months ago

Five Weeks to Do This the Normal Way Illinois has a second deadline, and almost nobody is watching it. It decides whether the public ever gets to comment on the Digital Asset Tax rules at all.

Five Weeks to Do This the Normal Way

Illinois has a second deadline, and almost nobody is watching it. It decides whether the public ever gets to comment on these rules at all.

ilbtccouncil 2 months ago

Register by January 1st. The Form Doesn’t Exist. #Illinois made it a crime to operate without a certificate it hasn’t created yet, under a definition nobody can apply. That’s not a technicality. It’s a fairness problem, with ~120 days remaining.

Register by January 1st. The Form Doesn’t Exist.

Illinois made it a crime to operate without a certificate it hasn’t created yet, under a definition nobody can apply. That’s not a technicality...

ilbtccouncil 2 months ago

One Purchase, Three Taxes: How Illinois’s Digital Asset Tax Multiplies Itself You buy $500 of #Bitcoin. The exchange holds it. You move it to your own wallet. Under the new law, that may be three separate taxable events, each measured against the full $500.

One Purchase, Three Taxes: How Illinois’s Digital Asset Tax Multiplies Itself

You buy $500 of Bitcoin. The exchange holds it. You move it to your own wallet. Under the new law, that may be three separate taxable events, each ...

ilbtccouncil 3 months ago

What a Tax Can’t Do Illinois past a first-in-the-nation tax on digital assets. One thing its authors didn’t plan on: it put us all in the same room.

What a Tax Can’t Do

Illinois passed a first-in-the-nation tax on digital assets. One thing its authors didn’t plan on: it put us all in the same room.

ilbtccouncil 3 months ago

Digital Defenders The future of self-custody: Will it prove to be antifragile? Can we rely on open-source developers to defend property rights, or are we asking too much?

Digital Defenders

The future of self-custody: Will it prove to be antifragile? Can we rely on open-source developers to defend property rights, or are we asking too ...

ilbtccouncil 3 months ago

Illinois's Digital Asset Tax Is Now in Court. Here’s What the Lawsuit Actually Says. A man in Austin buys a coffee and pays a friend back for a scone. Illinois may have just taxed both. That example is on page 11 of a complaint filed last week.

Illinois’s Digital Asset Tax Is Now in Court. Here’s What the Lawsuit Actually Says.

A man in Austin buys a coffee and pays a friend back for a scone. Illinois may have just taxed both. That example is on page 11 of a complaint file...

ilbtccouncil 3 months ago

One Network, Fifty Tool Booths Congress once stopped states from balkanizing the Internet with a patchwork of transaction taxes. Digital assets might need the same liner on, before it’s too late….

One Network, Fifty Toll Booths

Congress once stopped states from balkanizing the internet with a patchwork of transaction taxes. Digital assets may need the same line drawn, befo...

ilbtccouncil 3 months ago

A Tax on Your Worst Day Illinois's new digital asset tax takes its cut even when you sell at a loss — and that's a moral line, not a technicality.

A Tax on Your Worst Day

Illinois's new digital asset tax takes its cut even when you sell at a loss — and that's a moral line, not a technicality.

ilbtccouncil 4 months ago

The Real Problem With Your 1099-DA Isn’t the Paper; It’s What’s Missing From It

A slightly different entry this week: less courtroom, more field report. Illinois tax attorney got a rare seat in front of the IRS and Treasury; he...

ilbtccouncil 4 months ago

Why Tax Digital Asset Transactions but Not Stocks? Meet the Uniformity Clause The strongest legal argument against Illinois’s new digital asset tax isn’t loud, and it isn’t technical. It comes down to one question: compared to what?

Why Tax Digital Asset Transactions but Not Stocks? Meet the Uniformity Clause

The strongest legal argument against Illinois’s new digital asset tax isn’t loud, and it isn’t technical. It comes down to one question: comp...

ilbtccouncil 4 months ago

They Tax You for Moving Money From Your Own Right Pocket to Your Left A tax that triggers when nothing happens — no sale, no gain, just your own coins moving between your own accounts. The broker remits it; the cost quietly lands on you anyway.

They Tax You for Moving Money From Your Own Right Pocket to Your Left

A tax that triggers when nothing happens — no sale, no gain, just your own coins moving between your own accounts. The broker remits it; the cost...

ilbtccouncil 4 months ago

Grateful to @NICO⚡️ & @Optimist Fields for having us on @Simply Bitcoin today to discuss the #ILDigitalAssetTax https://www.youtube.com/live/b-n7QdvHlWE?t=2971&is=xJA8YKfkt93oeH3K

ilbtccouncil 4 months ago

Illinois just became the first state to tax digital asset transactions... and most people here have no idea it passed. It takes effect Jan 1, 2027, but the rules aren't written yet. That's the window to shape them. Here's what the law actually does 👇

Illinois Bitcoin Council

Explore the Illinois digital asset tax policy, its implications, and how it affects crypto taxation in Illinois.