MARK-TO-MARKET TAX ACT
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. Effective immediately.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2026
Committee Review
Floor Vote
Governor
Introduced Feb 5, 2026
Last action May 22, 2026
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
15
Key actions
0
Committee
3
Mar 27, 2026
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 4, 2026
Committee
Assigned to Revenue & Finance Committee
lower
Feb 10, 2026
Committee
Referred to Rules Committee
lower
1 primary · 9 co-sponsors
Sponsors
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