HB5215 - 104th General Assembly (2025-2026)

MARK-TO-MARKET TAX ACT
Last Action
2/10/2026 - House: Referred to Rules Committee
Statutes Amended In Order of Appearance
New Act  
35 ILCS 5/203  from 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
DateChamberAction
2/05/2026HouseFiled with the Clerk by Rep. Theresa Mah
2/10/2026HouseFirst Reading
2/10/2026HouseReferred to Rules Committee
2/20/2026HouseAdded Co-Sponsor Rep. Rita Mayfield
2/24/2026HouseAdded Co-Sponsor Rep. Joyce Mason