Senate Sponsors: CULLERTON. House Sponsors: FEIGENHOLTZ-DART Short description: PRINCIPAL & INCOME-ESTATES Synopsis of Bill as introduced: Amends the Principal and Income Act. Provides that expenses incurred in connection with the management of a decedent's estate may be charged against the principal or income of the estate. Makes changes concerning the charging of a depreciation allowance against income. Authorizes, as a charge against income, one-half of the interest on estate, inheritance, and generation-skipping transfer taxes and one-half of the interest on any penalties on those taxes. Authorizes, as a charge against principal, costs and disbursements related to environmental matters. Effective immediately. SENATE AMENDMENT NO. 1. Corrects a spelling error. HOUSE AMENDMENT NO. 1. Deletes reference to: 760 ILCS 15/6 Deletes the amendatory changes concerning the administration of a decedent's estate and the charging of certain expenses incurred in connection with the settlement or management of the estate against the principal or income of the estate. Adds a cross-reference concerning the charging of interest paid by a trustee against the income of a trust. FISCAL NOTE, H-AM 1 (Department on Aging) The Department on Aging would not be impacted by this legisla- tion and there is no fiscal impact to the Department. FISCAL NOTE (Office of the Attorney General) This bill would have no fiscal impact on the A.G.'s Office. Last action on Bill: PUBLIC ACT.............................. 91-0923 Last action date: 00-07-07 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status