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Public Act 91-0349
SB115 Enrolled LRB9100695PTpk
AN ACT to amend the Illinois Estate and
Generation-Skipping Transfer Tax Act by changing Section 12.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Estate and Generation-Skipping
Transfer Tax Act is amended by changing Section 12 as
follows:
(35 ILCS 405/12) (from Ch. 120, par. 405A-12)
Sec. 12. Parent as natural guardian for purposes of
Sections Section 2032A and 2057 of the Internal Revenue Code.
A parent, without being appointed guardian of the person or
guardian of the estate, or a guardian of the estate, or, if
no guardian of the estate has been appointed, a guardian of
the person, of any minor or disabled person whose interest is
not adverse to the minor or disabled person, may make any
election and sign, without court approval, any agreement on
behalf of the minor or disabled person under (i) Section
2032A of the Internal Revenue Code for the valuation of
property under that Section or (ii) Section 2057 of the
Internal Revenue Code relating to deduction of the value of
certain property under that Section on behalf of the minor or
disabled person. Any election so made, and any agreement so
signed, shall have the same legal force and effect as if the
election had been made and the agreement had been signed by
the minor or disabled person and the minor or disabled person
had been legally competent.
This amendatory Act of the 91st General Assembly applies
to elections and agreements made on or after January 1, 1998
in reliance on or pursuant to Section 2057 of the Internal
Revenue Code, and those elections and agreements made before
the effective date of this amendatory Act are hereby
validated.
(Source: P.A. 86-737.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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