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91_SB0115
LRB9100695PTpk
1 AN ACT to amend the Illinois Estate and
2 Generation-Skipping Transfer Tax Act by changing Section 12.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Estate and Generation-Skipping
6 Transfer Tax Act is amended by changing Section 12 as
7 follows:
8 (35 ILCS 405/12) (from Ch. 120, par. 405A-12)
9 Sec. 12. Parent as natural guardian for purposes of
10 Sections Section 2032A and 2057 of the Internal Revenue Code.
11 A parent, without being appointed guardian of the person or
12 guardian of the estate, or a guardian of the estate, or, if
13 no guardian of the estate has been appointed, a guardian of
14 the person, of any minor or disabled person whose interest is
15 not adverse to the minor or disabled person, may make any
16 election and sign, without court approval, any agreement on
17 behalf of the minor or disabled person under (i) Section
18 2032A of the Internal Revenue Code for the valuation of
19 property under that Section or (ii) Section 2057 of the
20 Internal Revenue Code relating to deduction of the value of
21 certain property under that Section on behalf of the minor or
22 disabled person. Any election so made, and any agreement so
23 signed, shall have the same legal force and effect as if the
24 election had been made and the agreement had been signed by
25 the minor or disabled person and the minor or disabled person
26 had been legally competent.
27 This amendatory Act of the 91st General Assembly applies
28 to elections and agreements made on or after January 1, 1998
29 in reliance on or pursuant to Section 2057 of the Internal
30 Revenue Code, and those elections and agreements made before
31 the effective date of this amendatory Act are hereby
-2- LRB9100695PTpk
1 validated.
2 (Source: P.A. 86-737.)
3 Section 99. Effective date. This Act takes effect upon
4 becoming law.