Illinois General Assembly - Bill Status for HB3039

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.

Actions

Date	Chamber	Action
2/16/2023	House	Filed with the Clerk by Rep. Will Guzzardi
2/16/2023	House	First Reading
2/16/2023	House	Referred to Rules Committee
5/10/2023	House	Added Co-Sponsor Rep. Kevin John Olickal

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