HB5215Introduced in the House
MARK-TO-MARKET TAX ACT
Introduced by Theresa Mah, District 24
What does this bill do?
Plain-English breakdown
Writing a plain-English summary of this bill… this can take a few seconds the first time.
Official description
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.
Where it stands
Added Co-Sponsor Rep. La Shawn K. Ford
May 22, 2026
How did lawmakers vote?
No recorded vote is available for this bill yet.
Bill history
Filed with the Clerk by Rep. Theresa Mah
First Reading
Referred to Rules Committee
Added Co-Sponsor Rep. Rita Mayfield
Added Co-Sponsor Rep. Joyce Mason
Assigned to Revenue & Finance Committee
Rule 19(a) / Re-referred to Rules Committee
Added Co-Sponsor Rep. Ann M. Williams
Added Co-Sponsor Rep. Michael Crawford
Added Chief Co-Sponsor Rep. Sonya M. Harper
Added Co-Sponsor Rep. Lisa Davis
Added Co-Sponsor Rep. Aarón M. Ortíz
Added Co-Sponsor Rep. Nabeela Syed
Added Co-Sponsor Rep. Dagmara Avelar
Added Co-Sponsor Rep. La Shawn K. Ford
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