IllinoisHB5215104th General Assembly (2025–2026)House

MARK-TO-MARKET TAX ACT

Sponsored By: Theresa Mah

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.

revenue & finance

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Theresa Mah

    Affiliation unavailable

Cosponsors

  • Aarón M. Ortíz

    Affiliation unavailable

  • Ann M. Williams

    Affiliation unavailable

  • Dagmara Avelar

    Affiliation unavailable

  • Joyce Mason

    Affiliation unavailable

  • La Shawn K. Ford

    Affiliation unavailable

  • Lisa Davis

    Affiliation unavailable

  • Michael Crawford

    Affiliation unavailable

  • Nabeela Syed

    Affiliation unavailable

  • Rita Mayfield

    Affiliation unavailable

  • Sonya M. Harper

    Affiliation unavailable

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Added Co-Sponsor Rep. La Shawn K. Ford

    5/22/2026House
  2. Added Co-Sponsor Rep. Dagmara Avelar

    5/11/2026House
  3. Added Co-Sponsor Rep. Nabeela Syed

    4/23/2026House
  4. Added Co-Sponsor Rep. Aarón M. Ortíz

    4/15/2026House
  5. Added Co-Sponsor Rep. Lisa Davis

    4/15/2026House
  6. Added Chief Co-Sponsor Rep. Sonya M. Harper

    4/9/2026House
  7. Added Co-Sponsor Rep. Michael Crawford

    4/6/2026House
  8. Added Co-Sponsor Rep. Ann M. Williams

    4/2/2026House
  9. Rule 19(a) / Re-referred to Rules Committee

    3/27/2026House
  10. Assigned to Revenue & Finance Committee

    3/4/2026House
  11. Added Co-Sponsor Rep. Joyce Mason

    2/24/2026House
  12. Added Co-Sponsor Rep. Rita Mayfield

    2/20/2026House
  13. Referred to Rules Committee

    2/10/2026House
  14. First Reading

    2/10/2026House
  15. Filed with the Clerk by Rep. Theresa Mah

    2/5/2026House

Bill Text

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