State Rep. John M. Cabello (R-Machesney Park) speaks during a press conference on new taxes passed by Illinois Democrats in the FY27 state budget signed into law by Governor JB Pritzker, including the Digital Asset Tax. Rep. Cabello filed House Bill 5798 in June 2026 to repeal the Digital Asset Tax before it is scheduled to go into effect on January 1, 2027. Visit repcabello.com to learn more.
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The speaker argues for the repeal of the Digital Asset Act, claiming that the new tax on digital asset services burdens businesses and individuals regardless of profit. He contends that such taxes discourage investment and job growth, making the state less competitive compared to others, and criticizes the lack of public hearings before the tax was passed.
Morning.
LOA Democrats have a spending problem, and they keep spending the bill to the people
of LOA.
Now, they found something else.
Digital asset.
Apparently, in Springfield, if you build it, invest it, or find a new way to do business,
their first question is, how much can we take?
That needs to stop.
I filed House Bill 5798 to repeal the Digital Asset Act because LOA businesses, investment,
and jobs.
We don't need another tax making this state more expensive.
Beginning January 1, this tax will apply to covered digital asset services.
And understand this, you don't have to make a profit to get hit with it.
You can lose money and still owe this tax.
The broker collects it, you pay it, and Springfield spends it.
They'll tell you it's only two-tenths of one percent.
Well, it's always only something when it's coming out of someone else's pocket.
Families are paying their mortgages, buying groceries, putting gas in their cars, and
trying to save for the future.
Small businesses are trying to meet payroll and keep their doors open.
They don't need Springfield adding another expense.
There are businesses in my district that accept cryptocurrency.
They try to move forward and serve their customers.
Why are we making that hard?
And before implementing a new tax, lawmakers ought to face the people who will pay for
it.
Hold a hearing.
Let them testify.
Explain what you're doing before it's a done deal instead of passing it in the middle of
the night without a hearing.
Taking comments afterwards on how to collect the money doesn't make up for it.
Here's what Springfield needs to understand.
We are competing with other states.
Businesses have choices about where they invest and where they create jobs.
We should be giving them reasons to come here and stay here.
Unfortunately, the Democrats give them the opposite.
My bill is straightforward.
Repeal the Digital Asset Pact.
Give it a hearing, bring it up for a vote, and let every member explain to their constituents
where they stand.
And Governor, if you want to talk about a forward bill, here's an opportunity to do
so.
Stop reaching into people's pockets.
Get spending under control.
Help us repeal the tax before elections begin January 1st.
