Illinois House Bill 3039

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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]

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.

MARK TO MARKET TAX

Rep. Will Guzzardi [D]

Rep. Kevin Olickal [D]

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

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

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