MARK TO MARKET TAX

What it does

The legislature's own summary of the bill, or its official long 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.

Every action

5 steps, oldest first, as the legislature records them.

1. Feb 16, 2023HouseFiled with the Clerk by Rep. Will Guzzardi
2. Feb 16, 2023HouseFirst Reading
3. Feb 16, 2023CommitteeReferred to Rules Committee · House Rules
4. May 10, 2023HouseAdded Co-Sponsor Rep. Kevin John Olickal
5. Jan 7, 2025HouseSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it, joined by 1 cosponsor: 1 Democrat.

• Will GuzzardiD Primary sponsor · District 39