MARK TO MARKET TAX House SponsorsRep. Will Guzzardi and Kevin John Olickal 1/7/2025HouseSession Sine Die New Act30 ILCS 105/5.990 new30 ILCS 105/6z-139 new35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 5/901 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. 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 1/7/2025HouseSession Sine Die