MARK-TO-MARKET TAX ACT
Sponsored By: Theresa Mah (Democratic)
In Committee
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 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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Theresa Mah
Democratic • House
Cosponsors
Aarón M. Ortíz
Democratic • House
Ann M. Williams
Democratic • House
Dagmara Avelar
Democratic • House
Joyce Mason
Democratic • House
La Shawn K. Ford
Democratic • House
Lisa Davis
Democratic • House
Michael Crawford
Democratic • House
Nabeela Syed
Democratic • House
Rita Mayfield
Democratic • House
Sonya M. Harper
Democratic • House
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Added Co-Sponsor Rep. La Shawn K. Ford
5/22/2026HouseAdded Co-Sponsor Rep. Dagmara Avelar
5/11/2026HouseAdded Co-Sponsor Rep. Nabeela Syed
4/23/2026HouseAdded Co-Sponsor Rep. Aarón M. Ortíz
4/15/2026HouseAdded Co-Sponsor Rep. Lisa Davis
4/15/2026HouseAdded Chief Co-Sponsor Rep. Sonya M. Harper
4/9/2026HouseAdded Co-Sponsor Rep. Michael Crawford
4/6/2026HouseAdded Co-Sponsor Rep. Ann M. Williams
4/2/2026HouseRule 19(a) / Re-referred to Rules Committee
3/27/2026HouseAssigned to Revenue & Finance Committee
3/4/2026HouseAdded Co-Sponsor Rep. Joyce Mason
2/24/2026HouseAdded Co-Sponsor Rep. Rita Mayfield
2/20/2026HouseReferred to Rules Committee
2/10/2026HouseFirst Reading
2/10/2026HouseFiled with the Clerk by Rep. Theresa Mah
2/5/2026House
Bill Text
Introduced
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