State of Illinois
91st General Assembly
Legislation

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91_SB0115eng

 
SB115 Engrossed                                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
 
SB115 Engrossed             -2-                LRB9100695PTpk
 1    validated.
 2    (Source: P.A. 86-737.)

 3        Section 99.  Effective date.  This Act takes effect  upon
 4    becoming law.

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