IL SB3778

Creates the Extremely High Wealth Mark-to-Market Tax Act, requiring Illinois residents with net assets of $1 billion or more to annually recognize gains or losses as if all assets were sold at fair market value on December 31 of each tax year.

Eliminates tuition and fees for Illinois residents at public community colleges beginning with the 2028-2029 academic year, with out-of-state students remaining subject to charges.

Establishes the Community College Tuition Fund to receive revenue from the billionaire tax, which will fund grants to fully reimburse community college districts for lost tuition and fee revenue.

Allows taxpayers subject to the wealth tax to pay in one lump sum or in 10 annual installments with a 7.5% annual deferral charge on payments after the first installment.

Defines taxable assets broadly to include property owned by the taxpayer, their spouse, minor children, trusts, and contributions made to private foundations or donor-advised funds within the past 5 years.