summary
Introduced
02/06/2026
02/06/2026
In Committee
02/06/2026
02/06/2026
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 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. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois Provides that the Department of Commerce and Economic Opportunity shall develop a child care assistance program that includes child care subsidies and has benchmarks for limiting co-payments, by the year 2030, to no more than 7% of a family's income. Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2027, the corporate income tax rate shall be 9% (currently, 7%). Effective immediately
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 pay taxes on unrealized gains from their assets as if those assets were sold at fair market value on December 31st of each taxable year, with provisions for a phased implementation and a cap on the taxable amount. Additionally, the bill mandates the Department of Commerce and Economic Opportunity to establish a child care assistance program by 2030, which will include child care subsidies and aim to limit family co-payments to no more than 7% of their income, and it also increases the corporate income tax rate from 7% to 9% for taxable years beginning on or after January 1, 2027.
Sponsors (1)
Last Action
Referred to Assignments (on 02/06/2026)
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