MARK-TO-MARKET TAX ACT

Summary

The bill forces Illinois residents with a net worth of $1 billion or more to calculate a yearly gain or loss as if every asset they own were sold at fair market value on Dec 31, and then tax the resulting net gain, limited by a phase‑in cap. It takes effect for tax years ending Dec 31 2026 and later, with options for one‑time or installment payments and credits for taxes already paid to other states. The measure targets the state’s wealthiest individuals to generate additional revenue.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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