Illinois SB 3778: FREE PUBLIC COMMUNITY COLLEGE

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 Full Text of SB3778

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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

SB3778LRB104 18100 LNS 31539 b

1 AN ACT concerning public community colleges.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Extremely High Wealth Mark-to-Market Tax Act.

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

7 "Asset", to the extent allowable