SCHOENBERG. New Act 760 ILCS 15/Act rep. Creates the Uniform Principal and Income Act (1997). Contains provisions regarding: how income earned during the probate of an estate is distributed to trusts and to persons; when an income interest in a trust begins, what property is principal and what is income; when an income interest ends, who gets the income that has not been distributed or collected, or that is not yet due; and how an income interest's receipts and disbursements should be allocated between principal and income. Repeals the Principal and Income Act. 99-05-27 H FILED WITH CLERK 99-06-02 H FIRST READING 99-06-02 H REFERRED TO HOUSE RULES COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary