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]

Text: Latest bill text (Introduced) [HTML]

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Voting Records

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