The original headline is: "Illinois Enacts FY 2027 Budget with Significant State and Local Tax Changes"

Short summary

Illinois enacted SB 3019 FY 2027 budget with broad new taxes targeting digital businesses: 10% on targeted advertising, monthly fees for social media platforms based on user counts, 0.2% on digital asset transactions, and 15% on fantasy sports receipts. Corporate taxpayers face NOL carryforward caps (15% in 2027, phasing to 80% by 2031) and new partnership tax elections. Digital asset brokers must register by Jan 1, 2027; hotel booking platforms become tax collectors by July 1, 2026.

• •Illinois SB 3019 introduces 10% tax on targeted digital advertising, monthly social media platform fees, and 0.2% digital asset tax
• •Corporate NOL carryforward capped at 15% in 2027, rising to 80% by 2031, affecting multi-state business tax planning
• •Key compliance dates: digital asset brokers register by Jan 1 2027; hotel booking platforms must collect taxes by July 1 2026

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