Illinois General Assembly - Bill Status for HB3039
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 Bill Status of HB3039  103rd General Assembly

Short Description:  MARK TO MARKET TAX

House Sponsors
Rep. Will Guzzardi and Kevin John Olickal

Last Action
DateChamber Action
  2/16/2023HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.990 new
30 ILCS 105/6z-139 new
35 ILCS 5/203from Ch. 120, par. 2-203
35 ILCS 5/901

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 on December 31 of the tax year shall recognize gains or losses as if each asset owned by that taxpayer on December 31 of the tax year had been sold for its fair market value on December 31 of the tax year but with adjustment made for taxes paid on gains in previous years. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

DateChamber Action
  2/16/2023HouseFiled with the Clerk by Rep. Will Guzzardi
  2/16/2023HouseFirst Reading
  2/16/2023HouseReferred to Rules Committee
  5/10/2023HouseAdded Co-Sponsor Rep. Kevin John Olickal

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