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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB3778

Introduced 2/5/2026, by Sen. Mike Simmons

SYNOPSIS AS INTRODUCED:

See Index

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 a 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. Provides that money collected
under the Act, other than for administration and enforcement, shall be
deposited into the Community College Tuition Fund. Amends the Public
Community College Act. Beginning with the 2028-2029 academic year,
prohibits a community college district from charging a student tuition and
fees, unless the student is not a resident of this State. Requires the
Illinois Community College Board to establish a grant program to fully
reimburse community college districts for the loss of tuition and fee
revenue. Repeals certain provisions related to community college tuition
and fees. Amends the State Finance Act to create the Community College
Tuition Fund as a special fund in the State treasury. Makes conforming
changes.
LRB104 18100 LNS 31539 b
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

A BILL FOR

SB3778
LRB104 18100 LNS 31539 b
1

AN ACT concerning public community colleges.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 1.
Short title.
This Act may be cited as the
5
Extremely High Wealth Mark-to-Market Tax Act.

6

Section 5.
Definitions.
As used in this Act:
7

"Asset", to the extent allowable under the Illinois
8
Constitution, the United States Constitution, and any other
9
governing federal law, means:
10

(1) all real or personal property, whether tangible or
11

intangible and wherever situated, that is:
12

(A) owned by the taxpayer;
13

(B) owned by the taxpayer's spouse, minor
14

children, or any trust or estate of which the taxpayer
15

is a beneficiary; or
16

(C) contributed by the taxpayer, or the taxpayer's
17

spouse, minor children, or any trust or estate of
18

which the taxpayer is a beneficiary, to any private
19

foundation, donor advised fund, and any other entity
20

described in Section 501(c) or Section 527 of the
21

Internal Revenue Code of which the taxpayer, or the
22

taxpayer's spouse, minor children, or any trust or
23

estate of which the taxpayer is a beneficiary, is a

SB3778
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1

substantial contributor (as such term is defined in
2

Section 4958(c)(3)(B)(i) of the Internal Revenue
3

Code); and
4

(2) without duplication, all gifts and donations made
5

within the past 5 years by the taxpayer, or the taxpayer's
6

spouse, minor children, or any trust or estate of which
7

the taxpayer is a beneficiary, as if such gifts and
8

donations were still owned by the taxpayer.
9

"Basis" means the fair market value of an asset on
10
December 31 of the taxable year immediately preceding the
11
taxable year in which the gain or loss is calculated under this
12
Act. If the asset is acquired by the taxpayer during the
13
taxable year, then the basis shall be the taxpayer's basis in
14
the asset for the purpose of calculating capital gains under
15
the federal Internal Revenue Code.
16

"Net assets" means the fair market value of the taxpayer's
17
assets less the fair market value of the taxpayer's
18
liabilities and, in appropriate cases as determined by the
19
Department of Revenue, liabilities of such other persons
20
described in the definition of "asset" under this Section.
21

"Net income" has the meaning given to that term in Section
22
202 of the Illinois Income Tax Act.
23

"Phase-in cap amount" means an amount equal to one-fourth
24
of the worth of a taxpayer's net assets in excess of
25
$1,000,000,000 on December 31 of the taxable year for which
26
gains or losses are calculated under this Act.

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1

"Resident taxpayer" means an individual, other than a
2
nonresident of the State or a part-year resident of the State,
3
who is subject to the tax imposed under subsections (a) and (b)
4
of Section 201 of the Illinois Income Tax Act for the taxable
5
year.
6

"Taxable year" or "tax year" has the meaning ascribed to
7
the term "taxable year" in Section 1501 of the Illinois Income
8
Tax Act.

9

Section 10.
Tax imposed; tax years ending on or after
10
December 31, 2027 and ending prior to December 31, 2028.
11

(a) Notwithstanding any other provision of law to the
12
contrary, for tax years ending on or after December 31, 2027
13
and ending prior to December 31, 2028, a resident taxpayer
14
with net assets worth $1,000,000,000 or more on December 31,
15
2027 shall recognize gains or losses as if each asset owned by
16
that taxpayer had been sold for its fair market value on
17
December 31, 2027. An amount equal to the lesser of (i) the
18
difference between the total fair market value, on December
19
31, 2027, of all assets held by the taxpayer on that date and
20
the combined basis of all assets held by the taxpayer on that
21
date or (ii) the phase-in cap amount shall be included in the
22
taxpayer's net income for that tax year for the purpose of
23
calculating the tax due under the Illinois Income Tax Act.
24
Proper adjustment shall be made in the amount of any gain or
25
loss subsequently realized for gains or losses taken into

SB3778
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LRB104 18100 LNS 31539 b
1
account under this subsection. At the taxpayer's option, the
2
tax payable as a result of this Section shall either be payable
3
in one installment or else shall be payable annually in 10
4
equal installments beginning in the year of the effective date
5
of this Act and with all such installment payments commencing
6
after the initial installment payment also being subject to an
7
annual nondeductible deferral charge of 7.5% annually.
8

(b) For resident taxpayers who would recognize net gains
9
as a result of this Section except for the operation of this
10
sentence, if the taxpayer can show that any portion of those
11
gains was accumulated prior to the taxpayer becoming a
12
resident taxpayer of Illinois, and if the taxpayer can also
13
show that a portion of those gains was previously taxed by any
14
state or jurisdiction in which the taxpayer was a resident
15
prior to becoming a resident of Illinois, then credit shall be
16
provided in the amount of the tax on those gains that was paid
17
to any such prior state or jurisdiction. Any credits so
18
provided by this subsection, however, shall not exceed the
19
lesser of the total tax owed under this Section on such gains
20
and the tax imposed on such gains by such other prior states or
21
jurisdictions in which the taxpayer was a resident prior to
22
becoming a resident individual of Illinois.

23

Section 15.
Tax imposed; tax years ending on or after
24
December 31, 2028.
25

(a) For taxable years ending on or after December 31,

SB3778
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LRB104 18100 LNS 31539 b
1
2028, a resident taxpayer with net assets worth $1,000,000,000
2
or more on December 31 of the tax year shall recognize gains or
3
losses as if each asset owned by that taxpayer on December 31
4
of the tax year had been sold for its fair market value on
5
December 31 of the tax year but with adjustment made for taxes
6
paid on gains in previous years. Any resulting net gains from
7
these deemed sales, up to the phase-in cap amount, shall be
8
included in the taxpayer's income for such taxable year.
9
Proper adjustment shall be made in the amount of any gain or
10
loss subsequently realized for gain or loss taken into account
11
under the preceding sentence. To the extent that the losses of
12
a taxpayer exceed the taxpayer's gains, such net losses shall
13
not be recognized in such taxable year and shall instead carry
14
forward indefinitely.
15

(b) For resident taxpayers who would recognize net gains
16
as a result of this Section except for the operation of this
17
sentence, if the taxpayer can show that any portion of those
18
gains was accumulated prior to the taxpayer becoming a
19
resident taxpayer of Illinois, and if the taxpayer can also
20
show that a portion of those gains was previously taxed by any
21
state or jurisdiction in which the taxpayer was a resident
22
prior to becoming a resident of Illinois, then credit shall be
23
provided in the amount of the tax on those gains that was paid
24
to any such prior state or jurisdiction. Any credits so
25
provided by this subsection, however, shall not exceed the
26
lesser of the total tax owed under this Section on such gains

SB3778
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LRB104 18100 LNS 31539 b
1
and the tax imposed on such gains by such other prior states or
2
jurisdictions in which the taxpayer was a resident prior to
3
becoming a resident individual of Illinois.

4

Section 20.
Fair market value.
5

(a) The fair market value of each asset owned by the
6
taxpayer shall be the price at which the asset would change
7
hands between a willing buyer and a willing seller, neither
8
being under any compulsion to buy or to sell and both having
9
reasonable knowledge of relevant facts. The value of a
10
particular asset shall not be the price that a forced sale of
11
the property would produce. Further, the fair market value of
12
an asset shall not be its sale price in a market other than a
13
market in which the item is most commonly sold to the public,
14
taking into account the location of the item wherever
15
appropriate. In the case of an asset that is generally
16
obtained by the public in the retail market, the fair market
17
value of such an asset shall be the price at which the item or
18
a comparable item would be sold at retail.
19

(b) For purposes of this Section, any feature of an asset,
20
such as a poison pill, that was added with the intent, and has
21
the effect, of reducing the value of the asset shall be
22
disregarded, and no valuation or other discount shall be taken
23
into account if it would have the effect of reducing the value
24
of a pro rata economic interest in an asset below the pro rata
25
portion of the value of the entire asset.

SB3778
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LRB104 18100 LNS 31539 b
1

Section 25.
Administration.
2

(a) The Department of Revenue shall amend or create tax
3
forms as necessary for the reporting of gains by assets.
4
Assets shall be listed with (i) a description of the asset,
5
(ii) the asset category, (iii) the year the asset was
6
acquired, (iv) the adjusted Illinois basis of the asset as of
7
December 31 of the tax year, (v) the fair market value of the
8
asset as of December 31 of the tax year, and (vi) the amount of
9
gain that would be taxable under this Act, unless the
10
Department determines that one or more categories is not
11
appropriate for a particular type of asset.
12

(b) Asset categories separately listed shall include, but
13
shall not be limited to, the following:
14

(1) stock held in any publicly traded corporation;
15

(2) stock held in any private C corporation;
16

(3) stock held in any S corporation;
17

(4) interests in any private equity or hedge fund
18

organized as a partnership;
19

(5) interests in any other partnerships;
20

(6) interests in any other noncorporate businesses;
21

(7) bonds and interest-bearing savings accounts, cash,
22

and deposits;
23

(8) interests in mutual funds or index funds;
24

(9) put and call options;
25

(10) futures contracts;

SB3778
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LRB104 18100 LNS 31539 b
1

(11) financial assets held offshore reported on IRS
2

tax form 8938;
3

(12) real property;
4

(13) art and collectibles;
5

(14) pension funds;
6

(15) other assets;
7

(16) debts and liabilities; and
8

(17) assets not owned by the taxpayer but which count
9

toward the $1,000,000,000 threshold pursuant to this Act.
10

(c) The Department shall specifically request the filing
11
of such forms by any resident individual expected to have net
12
assets in excess of $1,000,000,000. Such taxpayers shall
13
include, but not be limited to, taxpayers with an adjusted
14
gross income summed over the previous 10 years in excess of
15
$600,000,000.

16

Section 30.
Mark-to-market in other states.
If a resident
17
taxpayer becomes an Illinois resident subsequent to paying tax
18
to another state as a result of recognizing gain or loss
19
pursuant to any mark-to-market or deemed-realization regime of
20
that other state, proper adjustment shall be made in the
21
amount of any gain or loss subsequently realized for gain or
22
loss taken into account under such mark-to-market or
23
deemed-realization regime of that other state for purposes of
24
computing gain or loss under Section 10 or 15.

SB3778
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LRB104 18100 LNS 31539 b
1

Section 35.
Collection.
The Department of Revenue shall
2
collect the taxes imposed under this Act. Money collected
3
under this Act, after deducting amounts necessary for
4
administration and enforcement by the Department, shall be
5
deposited into the Community College Tuition Fund.

6

Section 90.
Rules.
The Department of Revenue shall adopt
7
any rules necessary or appropriate to carry out the purposes
8
of this Act, including rules to prevent the use of year-end
9
transfers, related parties, or other arrangements to avoid
10
this Act's provisions.

11

Section 900.
The State Finance Act is amended by adding
12
Section 5.1038 as follows:

13

(30 ILCS 105/5.1038 new)
14

Sec. 5.1038.
The Community College Tuition Fund.

15

Section 905.
The Public Community College Act is amended
16
by changing Sections 2-16.02 and 7-1.1 and by adding Section
17
6-1.2 as follows:

18

(110 ILCS 805/2-16.02)

(from Ch. 122, par. 102-16.02)
19

Sec. 2-16.02.
Grants.
Any community college district that
20
maintains a community college recognized by the State Board
21
shall receive, when eligible, grants enumerated in this

SB3778
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LRB104 18100 LNS 31539 b
1
Section. Funded semester credit hours or other measures or
2
both as specified by the State Board shall be used to
3
distribute grants to community colleges. Funded semester
4
credit hours shall be defined, for purposes of this Section,
5
as the greater of (1) the number of semester credit hours, or
6
equivalent, in all funded instructional categories of students
7
who have been certified as being in attendance at midterm
8
during the respective terms of the base fiscal year or (2) the
9
average of semester credit hours, or equivalent, in all funded
10
instructional categories of students who have been certified
11
as being in attendance at midterm during the respective terms
12
of the base fiscal year and the 2 prior fiscal years. For
13
purposes of this Section, "base fiscal year" means the fiscal
14
year 2 years prior to the fiscal year for which the grants are
15
appropriated. Such students shall have been residents of
16
Illinois and shall have been enrolled in courses that are part
17
of instructional program categories approved by the State
18
Board and that are applicable toward an associate degree or
19
certificate. Courses that are eligible for reimbursement are
20
those courses for which the district pays 50% or more of the
21
program costs from unrestricted revenue sources, with the
22
exception of dual credit courses and courses offered by
23
contract with the Department of Corrections in correctional
24
institutions. For the purposes of this Section, "unrestricted
25
revenue sources" means those revenues in which the provider of
26
the revenue imposes no financial limitations upon the district

SB3778
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LRB104 18100 LNS 31539 b
1
as it relates to the expenditure of the funds. Except for
2
Fiscal Year 2012, base operating grants shall be paid based on
3
rates per funded semester credit hour or equivalent calculated
4
by the State Board for funded instructional categories using
5
cost of instruction, enrollment, inflation, and other relevant
6
factors. For Fiscal Year 2012, the allocations for base
7
operating grants to community college districts shall be the
8
same as they were in Fiscal Year 2011, reduced or increased
9
proportionately according to the appropriation for base
10
operating grants for Fiscal Year 2012.
11

Equalization grants shall be calculated by the State Board
12
by determining a local revenue factor for each district by:
13
(A) adding (1) each district's Corporate Personal Property
14
Replacement Fund allocations from the base fiscal year or the
15
average of the base fiscal year and prior year, whichever is
16
less, divided by the applicable statewide average tax rate to
17
(2) the district's most recently audited year's equalized
18
assessed valuation or the average of the most recently audited
19
year and prior year, whichever is less, (B) then dividing by
20
the district's audited full-time equivalent resident students
21
for the base fiscal year or the average for the base fiscal
22
year and the 2 prior fiscal years, whichever is greater, and
23
(C) then multiplying by the applicable statewide average tax
24
rate. The State Board shall calculate a statewide weighted
25
average threshold by applying the same methodology to the
26
totals of all districts' Corporate Personal Property Tax

SB3778
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LRB104 18100 LNS 31539 b
1
Replacement Fund allocations, equalized assessed valuations,
2
and audited full-time equivalent district resident students
3
and multiplying by the applicable statewide average tax rate.
4
The difference between the statewide weighted average
5
threshold and the local revenue factor, multiplied by the
6
number of full-time equivalent resident students, shall
7
determine the amount of equalization funding that each
8
district is eligible to receive. A percentage factor, as
9
determined by the State Board, may be applied to the statewide
10
threshold as a method for allocating equalization funding. A
11
minimum equalization grant of an amount per district as
12
determined by the State Board shall be established for any
13
community college district which qualifies for an equalization
14
grant based upon the preceding criteria, but becomes
15
ineligible for equalization funding, or would have received a
16
grant of less than the minimum equalization grant, due to
17
threshold prorations applied to reduce equalization funding.
18
As of July 1, 2013, a community college district eligible to
19
receive an equalization grant based upon the preceding
20
criteria must maintain a minimum required combined in-district
21
tuition and universal fee rate per semester credit hour equal
22
to 70% of the State-average combined rate, as determined by
23
the State Board, or the total revenue received by the
24
community college district from combined in-district tuition
25
and universal fees must be at least 30% of the total revenue
26
received by the community college district, as determined by

SB3778
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LRB104 18100 LNS 31539 b
1
the State Board, for equalization funding. As of July 1, 2004,
2
a community college district must maintain a minimum required
3
operating tax rate equal to at least 95% of its maximum
4
authorized tax rate to qualify for equalization funding. This
5
95% minimum tax rate requirement shall be based upon the
6
maximum operating tax rate as limited by the Property Tax
7
Extension Limitation Law.
8

The State Board shall distribute such other grants as may
9
be authorized or appropriated by the General Assembly. The
10
State Board may adopt any rules necessary for the purposes of
11
implementing and distributing funds pursuant to an authorized
12
or appropriated grant.
13

Each community college district entitled to State grants
14
under this Section must submit a report of its enrollment to
15
the State Board not later than 30 days following the end of
16
each semester or term in a format prescribed by the State
17
Board. These semester credit hours, or equivalent, shall be
18
certified by each district on forms provided by the State
19
Board. Each district's certified semester credit hours, or
20
equivalent, are subject to audit pursuant to Section 3-22.1.
21

The State Board shall certify, prepare, and submit monthly
22
vouchers to the State Comptroller setting forth an amount
23
equal to one-twelfth of the grants approved by the State Board
24
for base operating grants and equalization grants. The State
25
Board shall prepare and submit to the State Comptroller
26
vouchers for payments of other grants as appropriated by the

SB3778
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LRB104 18100 LNS 31539 b
1
General Assembly. If the amount appropriated for grants is
2
different from the amount provided for such grants under this
3
Act, the grants shall be proportionately reduced or increased
4
accordingly.
5

For the purposes of this Section, "resident student" means
6
a student in a community college district who maintains
7
residency in that district or meets other residency
8
definitions established by the State Board, and who was
9
enrolled either in one of the approved instructional program
10
categories in that district
,
or in another community college
11
district
to which the resident's district is paying tuition
12
under Section 6-2 or with which the resident's district has
13
entered into a cooperative agreement in lieu of such tuition
.
14
Students shall be classified as residents of the community
15
college district without meeting the 30-day residency
16
requirement of the district if they are currently residing in
17
the district and are youth (i) who are currently under the
18
legal guardianship of the Illinois Department of Children and
19
Family Services or have recently been emancipated from the
20
Department and (ii) who had previously met the 30-day
21
residency requirement of the district but who had a placement
22
change into a new community college district. The student, a
23
caseworker or other personnel of the Department, or the
24
student's attorney or guardian ad litem appointed under the
25
Juvenile Court Act of 1987 shall provide the district with
26
proof of current in-district residency.

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1

For the purposes of this Section, a "full-time equivalent"
2
student is equal to 30 semester credit hours.
3

The Illinois Community College Board Contracts and Grants
4
Fund is hereby created in the State Treasury. Items of income
5
to this fund shall include any grants, awards, endowments, or
6
like proceeds, and where appropriate, other funds made
7
available through contracts with governmental, public, and
8
private agencies or persons. The General Assembly shall from
9
time to time make appropriations payable from such fund for
10
the support, improvement, and expenses of the State Board and
11
Illinois community college districts.
12
(Source: P.A. 103-8, eff. 6-7-23.)

13

(110 ILCS 805/6-1.2 new)
14

Sec. 6-1.2.
Free community college; State reimbursement.
15

(a) Beginning with the 2028-2029 academic year, a
16
community college district is prohibited from charging a
17
student tuition and fees, unless the student is not a resident
18
of this State.
19

(b) The State Board shall establish a grant program to
20
fully reimburse community college districts for the loss of
21
tuition and fee revenue under subsection (a). Grants shall be
22
awarded annually beginning with the 2028-2029 academic year.
23

(c) The Community College Tuition Fund is created as a
24
special fund in the State treasury. Money in the Fund shall be
25
used, subject to appropriation, by the State Board to award

SB3778
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LRB104 18100 LNS 31539 b
1
grants under this Section.

2

(110 ILCS 805/7-1.1)

(from Ch. 122, par. 107-1.1)
3

Sec. 7-1.1.
Additional powers.

4

(a) In addition to other powers and authority now
5
possessed by it, the board shall have power (1) to lease from
6
any public building commission created pursuant to the
7
provisions of the "Public Building Commission Act", approved
8
July 5, 1955, as now or hereafter amended, any real or personal
9
property for the purpose of securing office or other space for
10
its administrative functions or for community college purposes
11
for a period of time not exceeding 40 years; and (2) to pay for
12
the use of this leased property in accordance with the terms of
13
the lease and with the provisions of the "Public Building
14
Commission Act", approved July 5, 1955, as now or hereafter
15
amended.
16

Such lease may be entered into without making a previous
17
appropriation for the expense thereby incurred; provided,
18
however, that if the board undertakes to pay all or any part of
19
the costs of operating and maintaining the property of a
20
public building commission as authorized in this Section, such
21
expenses of operation and maintenance shall be included in the
22
annual budget of such board annually during the term of such
23
undertaking.
24

In addition, the board may undertake, either in the lease
25
with a public building commission or by separate agreement or

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1
contract with a public building commission, to pay all or any
2
part of the costs of maintaining and operating the property of
3
a public building commission for any period of time not
4
exceeding 40 years.
5

(b) In addition, the board shall have power to borrow
6
money (including, without limitation, in the form of a line of
7
credit which may vary from time to time as to outstanding
8
principal amount) from any source, public or private, for the
9
purpose of refunding or continuing to refund bonds, notes or
10
other indebtedness when they become due and payable, and to
11
enter into agreements in connection with such borrowing
,
12
including agreements providing for the issuance of
13
indebtedness to evidence the obligation to repay such
14
borrowing and agreements providing for the pledge of and the
15
granting of a lien on tuition and fees established and
16
collected by the board pursuant to Section 6-4
; provided that
17
the proceeds of any such indebtedness shall be used only to
18
refund or continue to refund bonds, notes or other
19
indebtedness initially issued between February 1, 1994 and
20
March 1, 1994 in an amount not exceeding $34,000,000, and that
21
any such indebtedness be repaid within 20 years.
22
(Source: P.A. 89-281, eff. 8-10-95.)

23

(110 ILCS 805/3-45 rep.)
24

(110 ILCS 805/6-1.5 rep.)
25

(110 ILCS 805/6-2 rep.)

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1

(110 ILCS 805/6-4 rep.)
2

(110 ILCS 805/6-4a rep.)
3

(110 ILCS 805/6-4.1 rep.)
4

(110 ILCS 805/6-4.2 rep.)
5

Section 910.
The Public Community College Act is amended
6
by repealing Sections 3-45, 6-1.5, 6-2, 6-4, 6-4a, 6-4.1, and
7
6-4.2.

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INDEX

2

Statutes amended in order of appearance

3

New Act
4

30 ILCS 105/5.1038 new
5

110 ILCS 805/2-16.02
from Ch. 122, par. 102-16.02
6

110 ILCS 805/6-1.2 new
7

110 ILCS 805/7-1.1
from Ch. 122, par. 107-1.1
8

110 ILCS 805/3-45 rep.
9

110 ILCS 805/6-1.5 rep.
10

110 ILCS 805/6-2 rep.
11

110 ILCS 805/6-4 rep.
12

110 ILCS 805/6-4a rep.
13

110 ILCS 805/6-4.1 rep.
14

110 ILCS 805/6-4.2 rep.

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