SB3884 - 104th General Assembly (2025-2026)

REVENUE-CHILD CARE
Last Action
2/06/2026 - Senate: Referred to Assignments
Senate Sponsors
Sen. Mike Simmons
Statutes Amended In Order of Appearance
New Act  
20 ILCS 605/605-1119 new  
35 ILCS 5/201  
35 ILCS 5/203  from Ch. 120, par. 2-203
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 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. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois Provides that the Department of Commerce and Economic Opportunity shall develop a child care assistance program that includes child care subsidies and has benchmarks for limiting co-payments, by the year 2030, to no more than 7% of a family's income. Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2027, the corporate income tax rate shall be 9% (currently, 7%). Effective immediately
Actions
DateChamberAction
2/06/2026SenateFiled with Secretary by Sen. Mike Simmons
2/06/2026SenateFirst Reading
2/06/2026SenateReferred to Assignments