Bill Status of HB5215

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HB5215 - 104th General Assembly

MARK-TO-MARKET TAX ACT
Last Action
3/04/2026 - House: Assigned to Revenue & Finance Committee
House Sponsors
Rep. Theresa Mah, Rita Mayfield and Joyce Mason
Hearings
Revenue & Finance Committee Hearing Mar 19 2026 8:00AM Stratton Building Room D-1 Springfield, IL
Statutes Amended In Order of Appearance
New Act
35 ILCS 5/203from Ch. 120, par. 2-203
Synopsis As Introduced
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.
Actions
Date Chamber Action
2/05/2026 House Filed with the Clerk by Rep. Theresa Mah
2/10/2026 House First Reading
2/10/2026 House Referred to Rules Committee
2/20/2026 House Added Co-Sponsor Rep. Rita Mayfield
2/24/2026 House Added Co-Sponsor Rep. Joyce Mason
3/04/2026 House Assigned to Revenue & Finance Committee