IL HB3039 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 16 2023 - 25% progression
Action: 2023-05-10 - Added Co-Sponsor Rep. Kevin John Olickal
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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 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.

Tracking Information

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Title

MARK TO MARKET TAX

Sponsors


History

DateChamberAction
2023-05-10HouseAdded Co-Sponsor Rep. Kevin John Olickal
2023-02-16HouseReferred to Rules Committee
2023-02-16HouseFirst Reading
2023-02-16HouseFiled with the Clerk by Rep. Will Guzzardi

Code Citations

ChapterArticleSectionCitation TypeStatute Text
301055.990New CodeSee Bill Text
301056z-139New CodeSee Bill Text
355203Amended CodeCitation Text
355901Amended CodeCitation Text

Illinois State Sources


Bill Comments

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