summary
Introduced
02/05/2026
02/05/2026
In Committee
02/05/2026
02/05/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
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 a 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. Provides that money collected under the Act, other than for administration and enforcement, shall be deposited into the Community College Tuition Fund. Amends the Public Community College Act. Beginning with the 2028-2029 academic year, prohibits a community college district from charging a student tuition and fees, unless the student is not a resident of this State. Requires the Illinois Community College Board to establish a grant program to fully reimburse community college districts for the loss of tuition and fee revenue. Repeals certain provisions related to community college tuition and fees. Amends the State Finance Act to create the Community College Tuition Fund as a special fund in the State treasury. Makes conforming changes.
AI Summary
This bill, titled the Extremely High Wealth Mark-to-Market Tax Act, introduces a new tax on individuals with net assets of $1,000,000,000 or more, requiring them to recognize gains or losses on their assets as if they were sold at fair market value on December 31st of each tax year, with adjustments for previously paid taxes. The revenue generated from this tax, after administrative costs, will fund the Community College Tuition Fund, which will then be used to reimburse community college districts for the loss of tuition and fee revenue. Starting with the 2028-2029 academic year, community colleges will be prohibited from charging tuition and fees to state residents, making community college education free for them. The bill also defines key terms like "asset," "basis," and "net assets" and outlines the administration and collection of this new tax, while also making conforming changes to existing laws related to community colleges and state finance.
Sponsors (1)
Last Action
Referred to Assignments (on 02/05/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...