Illinois SB3778 proposes free community college for residents starting 2028-2029, funded by a new tax on extremely high net assets.
Illinois SB3778, the Extremely High Wealth Mark-to-Market Tax Act, introduces a new tax on residents with net assets worth $1 billion or more, effective for tax years ending after December 31, 2027. This tax requires taxpayers to recognize gains or losses as if their assets were sold at fair market value on December 31, 2027. The act also mandates free community college for Illinois residents starting with the 2028-2029 academic year, prohibiting tuition and fees for resident students.
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