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]
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.
Title
MARK TO MARKET TAX
Sponsors
History
Date | Chamber | Action |
---|---|---|
2023-05-10 | House | Added Co-Sponsor Rep. Kevin John Olickal |
2023-02-16 | House | Referred to Rules Committee |
2023-02-16 | House | First Reading |
2023-02-16 | House | Filed with the Clerk by Rep. Will Guzzardi |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
30 | 105 | 5.990 | New Code | See Bill Text |
30 | 105 | 6z-139 | New Code | See Bill Text |
35 | 5 | 203 | Amended Code | Citation Text |
35 | 5 | 901 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3039&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/HB/10300HB3039.htm |