Establishes a tax on extremely high-net-worth individuals and creates a child care assistance program.
The bill creates the Extremely High Wealth Mark-to-Market Tax Act, which requires residents with net assets of $1,000,000,000 or more to recognize gains or losses as if each asset had been sold at fair market value on December 31. It also amends the Illinois Income Tax Act to increase the corporate income tax rate to 9% starting in 2027. Additionally, the Department of Commerce and Economic Opportunity must develop a child care assistance program with subsidies and benchmarks to limit co-payments to no more than 7% of a family's income by 2030.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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