Bill Title: Creates the Extremely High Wealth Mark-to-Market Tax Act. Provides that a resident taxpayer with net assets worth $1,000,000,000 or more on December 31 of the tax year shall recognize gains or losses as if each asset owned by that taxpayer on December 31 of the tax year had been sold for its fair market value on December 31 of the tax year but with adjustment made for taxes paid on gains in previous years. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2023-05-10 - Added Co-Sponsor Rep. Kevin John Olickal [HB3039 Detail]

---

Bill Drafts

Revision	Date	Format	Source	View
Introduced	2023-02-16	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB3039

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB3039 currently on file.

Social Comments on IL HB3039