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HB 5798

DIGITAL ASSET TAX ACT-REPEAL

104th Regular Session Introduced by John Cabello and 2 co-sponsors

HB5798 would repeal the Digital Asset Tax Act in Illinois, removing the taxation framework and related administration with immediate effect upon law becoming, no replacement propos

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Bill Summary · HB 5798

Overview

HB5798 of the 104th Illinois General Assembly seeks to repeal the Digital Asset Tax Act. The bill would remove the statutory framework that currently governs taxation of digital assets in Illinois and take effect immediately upon becoming law.

Main purpose and intent

  • Repeal the Digital Asset Tax Act in its entirety.
  • Restore or maintain Illinois tax policy by eliminating the specific provisions that impose or regulate taxes related to digital assets under the Act.

Key provisions and changes

  • Section 5: Repeal of the Digital Asset Tax Act (35 ILCS 195/Act rep.). This eliminates the statute that previously defined, authorized, or administered digital asset taxation in Illinois.
  • Section 99: Effective date. States that the repeal takes effect immediately once the act becomes law.

Who or what would be affected

  • Taxpayers and taxpayers’ compliance activities related to digital assets in Illinois would be affected by the repeal, effectively removing the Digital Asset Tax Act as a regulatory framework.
  • Illinois Department of Revenue and associated tax administration processes would no longer operate under the Digital Asset Tax Act framework for digital assets.

Procedural and timeline aspects

  • Status: Filed with the Clerk on 2026-06-22 by Rep. John M. Cabello (co-sponsored by John Cabello).
  • Effective date: Immediate upon becoming law (no phased-in or delayed implementation).
  • The bill is a straightforward repeal; no companion provisions or replacement tax structures are described within the text provided.

Summary

HB5798 proposes a straightforward repeal of the Digital Asset Tax Act in Illinois, removing the statutory framework governing digital asset taxation. Upon passage, the act would take effect immediately, nullifying the Act and removing related tax administration requirements for digital assets. This would revert or align Illinois law with respect to digital asset taxation by eliminating the existing framework rather than substituting an alternative approach.

Compiled from official sources — confirm details with the bill’s official record.

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