MARK-TO-MARKET TAX ACT

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 shall recognize gains or losses as if each asset owned by that taxpayer had been sold for its fair market value on December 31 of the taxable year. Contains provisions concerning the calculation of the amount of tax due from those gains or losses. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

Every action

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

1. Feb 27, 2026SenateAdded as Co-Sponsor Sen. Mark L. Walker
2. Mar 5, 2026SenateAdded as Co-Sponsor Sen. Ram Villivalam
3. Mar 10, 2026SenateAdded as Co-Sponsor Sen. Mattie Hunter
4. Mar 11, 2026SenateAdded as Co-Sponsor Sen. Lakesia Collins
5. Apr 15, 2026SenateAdded as Co-Sponsor Sen. Willie Preston
6. Apr 16, 2026SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
7. Apr 17, 2026SenateAdded as Co-Sponsor Sen. Emil Jones, III
8. Apr 23, 2026SenateAdded as Co-Sponsor Sen. Mike Simmons

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it, joined by 12 cosponsors: 12 Democrats.

• Karina VillaD Primary sponsor · District 25