2023 Illinois Compiled Statutes › Chapter 760 - TRUSTS AND FIDUCIARIES › 760 ILCS 15/ - Principal and Income Act.

(760 ILCS 15/1) (from Ch. 30, par. 501)
Sec. 1. 
		Short Title. 
		This Act may be cited as the
Principal and Income Act.
(Source: P.A. 86-1475.)
(760 ILCS 15/2) (from Ch. 30, par. 502)
Sec. 2. 
		Definitions. 
		As used in this Act:
(a) "income beneficiary" means the person to whom income is presently
payable or for whom it is accumulated for distribution as income;
(b) "inventory value" means the cost of property purchased by the trustee
and the market
value of other property at the time it became subject to the trust, but  in the
case of a property subject to the Federal estate tax, the trustee shall
use the value finally determined
for the purposes of such tax;
(c) "remainderman" means the person entitled to principal, including income which has
been accumulated and added to principal;
(d) "trustee" means an original trustee and any successor or added trustee.
(Source: P.A. 82-390.)
(760 ILCS 15/3) (from Ch. 30, par. 503)
Sec. 3. 
		Scope of Act; rules of administration.
(a) This Act governs the ascertainment of income and principal and the
apportionment of receipts and expenses in all cases where a trust is
established unless otherwise stated hereinafter, to the extent not
inconsistent with the provisions of the instrument. A person establishing a
trust may make provision in the instrument for the manner of ascertainment
of income and principal and the apportionment of receipts and expenses or
grant discretion to the trustee to do so and such provision, where not
otherwise contrary to law, shall control notwithstanding this Act.
(b) A trust shall be administered with due regard to the respective
interests of income beneficiaries and remaindermen.  A trust is so
administered with respect to the allocation of receipts and expenses if a
receipt is credited or an expense is charged to income or principal or
partly to each:
(1) in accordance with the terms of the instrument,     notwithstanding contrary provisions of this Act; or
(2) in the absence of any contrary terms of the     instrument, in accordance with the provisions of this Act or, if the trustee in the trustee's discretion determines that application of the provisions of this Act would result in a substantial inequity to either the income beneficiaries or the remaindermen, in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as those entitled to principal;  or
(3) if neither of the preceding rules of     administration is applicable, in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal.
(c) If the instrument or paragraph (2) of subsection (b) gives the
trustee discretion in crediting a receipt or charging an expense to income
or principal or partly to each, no inference
of imprudence or partiality arises from the fact that the trustee makes
an allocation other than in accordance with a provision of this Act or
determines not to do so.
(d) To the extent not otherwise provided in the instrument or this
Act, receipts shall be credited when actually received by the trustee and
expenses shall be charged when actually made by the trustee, except that
the trustee may elect to credit receipts and charge expenses in any other
reasonable manner that complies with the provisions of subsection (b) and
is not inconsistent with the terms of the instrument.
(Source: P.A. 87-714.)
(760 ILCS 15/4) (from Ch. 30, par. 504)
Sec. 4. 
		Income and Principal Defined. 
		(a) Income is the return in money or property derived from the use of principal,
including return received as:
(1) rent of real or personal property, including sums received for
cancellation or renewal of a lease;
(2) interest received, including sums received as consideration for the
privilege of prepayment of principal except as provided in Section 8 on
premium and discount;
(3) income earned during administration of a decedent's estate, as provided
in Section 6;
(4) corporate distributions, as provided in Section 7;
(5) accrued increment on bonds or other obligations issued at discount,
as provided in Section 8;
(6) receipts from business and farming operations, as provided in Section 9;
(7) receipts from disposition of natural resources, as provided in Sections 10 and 11.
(b) Principal is the property which has been set aside by the owner or
the person legally empowered so that it is held in trust eventually to be
delivered to a remainderman, while the income is in the meantime taken or
received by or held for accumulation for an income beneficiary.  Principal includes:
(1) consideration received by the trustee on
the sale or other transfer of principal or on repayment of a loan or as a
refund or replacement or change in the form of principal;
(2) proceeds of property taken on eminent domain proceedings;
(3) proceeds of insurance upon property forming part of the principal except
proceeds of insurance upon a separate interest of an income beneficiary;
(4) stock dividends, receipts on liquidation of a corporation and other
corporate distributions, as provided in Section 7;
(5) receipts from the disposition of bonds or other obligations, as provided
in Section 8;
(6) receipts from disposition of natural resources, as provided in Sections
10 and 11;
(7) receipts from other principal subject to depletion, as provided in
Section 12;
(8) any profit resulting from any change in the form of
principal;
(9) any allowances for depreciation established under Section 9 and
paragraph
(2) of subsection (a) of Section 14;
(10) receipts from the granting of options.
(c) After determining income and principal in accordance with the terms
of the instrument or this Act, the trustee shall charge to income or principal
expenses and other charges as provided in Section 14.
(Source: P.A. 82-390.)
(760 ILCS 15/5) (from Ch. 30, par. 505)
Sec. 5. 
		When right to income commences and terminates.
(a) An income beneficiary is entitled to income from the date or event
specified in the instrument, or, if none is specified, from the date an
asset becomes subject to the trust.  In the case of an asset becoming
subject to the trust by reason of a will, it becomes subject to the trust
as of the date of the death of the testator even though there is an
intervening period of administration of the testator's estate.
(b) In the administration of a decedent's estate or of an asset becoming
subject to a trust by reason of a will or by reason of the death of a decedent,
income which is earned or accrued to the date of death of the decedent but
not yet payable, including, but not limited to, income in respect of a
decedent, or which is due but not yet paid, shall be added to principal
when received. In all other cases, income earned or accrued in whole or in
part before the date when an asset becomes subject to the trust shall be
income when received.
(c) Subject to subsections (d) and (e), on termination
of an income interest, there shall be no apportionment of income as between
the income beneficiary whose interest is terminated and the next beneficiary
succeeding in interest, and income which has been collected by the trustee
prior to the date of termination, or which is then earned or accrued but
not yet payable, or which is then due but not yet paid, or which becomes
payable to the trustee on or subsequent to the date of the termination,
including, but not limited to, payments of interest, rents and annuities,
whether periodic or otherwise, shall be paid as income to the next beneficiary
succeeding in interest.
(d) Income collected by the trustee more than 12 months prior to the
termination of an income interest and not disbursed or authorized or
directed by the instrument to be added to principal, shall be paid to the
income beneficiary whose interest is terminated or to his estate.
(e) To the extent necessary to qualify an interest for the marital deduction
under the Federal Estate and Gift Tax laws, on termination of an income
interest, income which has been collected by the trustee prior to the date
of termination, or which is then earned or accrued but not yet payable,
or which is then due but not yet paid, shall be paid to the income beneficiary
whose interest is terminated or to his estate.
(f) Any limitation in an instrument on the income beneficiary
in the nature of a spendthrift provision or similar restriction, or providing
that income be paid to the beneficiary in person or upon his personal receipt,
shall not be considered to provide for the distribution of income in a manner
different than that specified in this Section.
(g) Corporate distributions to stockholders shall be treated as due on
the day fixed by the corporation for the determination of stockholders of
record entitled to  distribution or, if no such date is fixed, on the date
of declaration of the distribution by the corporation.
(Source: P.A. 87-714.)
(760 ILCS 15/6) (from Ch. 30, par. 506)
Sec. 6. 
		Administration of a decedent's estate.
(a) Subject to subsection (b), all expenses incurred in connection with the
settlement of a decedent's estate, including debts, funeral expenses,
estate taxes, family allowances, fees of attorneys and representatives, and
court costs shall be charged against the principal of the estate.
(b) After the death of a decedent and before distribution, income from and
expenses incurred in connection with the assets of the decedent's estate,
including assets used to discharge liabilities, shall, subject to
subsection (a) with respect to the charging of expenses incurred in
connection with the settlement of the decedent's estate, be determined in
accordance with the rules applicable to a trustee under this Act and shall
be allocated as follows:
(1) to specific legatees, the income from the     property bequeathed to them, respectively, less property taxes, ordinary repairs, interest and other expenses of management and protection of the property, and an appropriate portion of taxes imposed on all estate income, excluding taxes on capital gains, which accrues during the period of administration, and expenses in excess of income to be charged against the property;
(2) to all other legatees, except as provided in     subsection (d), the balance of the income, less the balance of property taxes, ordinary repairs, interest and other expenses of management and protection of all property from which the estate is entitled to income, and taxes imposed on income, excluding taxes on capital gains, which accrue during the period of administration, in proportion to their respective interests from time to time unpaid or undistributed in the principal of the estate, computed on the basis of values as of the decedent's death unless the estate is required to file a Federal estate tax return and then on the basis of values as finally determined for Federal estate tax purposes.
(c) Income received by a trustee under subsection (b) shall be treated
as income of the trust.
(d) A legatee (other than the testator's surviving spouse)
of a pecuniary legacy not in trust shall not be paid interest on the legacy
or be entitled to receive any part of the income
received by the representative during the period of administration as income on
the legacy.  A legacy to the testator's surviving spouse of a pecuniary
amount shall carry with it a proportionate part
of the income of the estate from the testator's death to the date of
satisfaction determined in accordance with paragraph (2) of subsection (b).
(e) Except to the extent otherwise provided in paragraph (7) of
subsection (c) of Section 14, interest and penalties on any
tax shall be charged in the same manner as the tax.
(f) This Section governs the administration of a decedent's estate whether
settled by an executor or administrator or by a trustee under a trust
instrument and, if by a trustee, whether the decedent is the person
establishing the trust or a beneficiary thereof; and the references to
representatives and to legacies shall be read as applying to trustees and
to distributions under a trust instrument.
(Source: P.A. 83-1362; 87-714.)
(760 ILCS 15/7) (from Ch. 30, par. 507)
Sec. 7. 
		Corporate Distributions. 
		(a) Corporate distributions
of shares of the distributing corporation, including
distributions in the form of a stock split or stock dividend, are principal.
A right to subscribe to shares or other securities issued by the distributing
corporation accruing on account of the ownership of shares or other securities
in such corporation and the proceeds of any sale of the right are principal.
(b) Except to the extent that the corporation indicates that some part of a
corporate distribution is a settlement of preferred or guaranteed dividends
accrued since the trustee became a stockholder or is in lieu of an ordinary
cash dividend, a corporate distribution is principal if the distribution is pursuant to:
(1) a call of shares;
(2) a merger, consolidation or reorganization;
(3) a plan by which assets of the corporation are acquired by another
corporation; or
(4) a total or partial liquidation of the corporation, including
(a) any distribution which the corporation indicates is a distribution in total
or partial liquidation or (b) any distribution of assets, pursuant to the
judgment of a court or final administrative order by a government agency
ordering distribution of the particular assets.
(c) Distributions made from ordinary income by a regulated investment
company or by a trust qualifying and electing to be taxed under federal
law as a real estate investment trust are income.  All other distributions
made by the company or trust, including distributions from capital gains,
depreciation or depletion, whether in the form of cash or an option to take
new stock or cash or an option to purchase additional shares, are principal.
(d) Except as provided in subsections (a), (b) and (c), all corporate
distributions are income, including cash dividends, distributions of or
rights to subscribe to shares or securities or obligations of corporations
other than the distributing corporation, and the proceeds of the rights
or property distributions. Except as provided in subsections
(b) and (c), if the distributing corporation gives
a stockholder an option to receive a distribution either in cash or in its
own shares, the distribution chosen is income.
(e) The trustee may rely upon any statement of the distributing corporation
as to any fact relevant under any provision of this Act concerning the source
or character of dividends or distributions of corporate assets.
(Source: P.A. 84-545.)
(760 ILCS 15/8) (from Ch. 30, par. 508)
Sec. 8. 
		Premium and discount.
(a) A bond or other obligation for the payment of money is principal at
its inventory value.  No provision shall be made for amortization of
premiums or for accumulation for discounts.  Except as provided in
subsection (b), the proceeds of sale, redemption or other disposition of
the bond or other obligation are principal.
(b) The increment over inventory value of a bond or other obligation for
the payment of money that makes no express provision  for the payment of
interest and (i) that is scheduled to mature not more than one year after
its purchase or its otherwise becoming subject to the trust or (ii) that
is an issue of the United States and the appreciation in value of which
pursuant to a determinable schedule or formula is not required to be
included in gross income for federal income tax purposes prior to
realization thereof, shall be allocated to income at the time the increment
is realized.
(Source: P.A. 82-390; 87-714.)
(760 ILCS 15/9) (from Ch. 30, par. 509)
Sec. 9. 
		Business and farming operations.
(a) If a trustee uses any part of the principal in the operation of a
business or, except as provided in subsection (b), an agricultural or
farming operation, including the raising of animals or the operation of a
nursery, the net profits and losses shall be computed in accordance with
generally accepted accounting principles, subject to paragraph (8) of
subsection (c) of Section 14.  Net profits are income; and if a loss
results in any fiscal or calendar year, the loss shall be carried into
subsequent fiscal or calendar years for purposes of computing income of
the business.
(b) When, as a part of the principal of an agricultural or farming
operation, animals are held partly or wholly because of the offspring or
increase which they are expected to produce, all offspring or increase
shall be deemed principal to the extent necessary to maintain the original
number of such animals and the remainder shall be deemed income, and in all
other cases such offspring or increase shall be deemed income.
(Source: P.A. 87-714.)
(760 ILCS 15/10) (from Ch. 30, par. 510)
Sec. 10. Disposition of natural resources.
(a) If any part of the principal consists of a right to receive
royalties, overriding or limited royalties, working interests, production
payments, net profit interests, or other interest in minerals, oil, gas or
other natural resources in, on or under land, except timber, water, soil,
sod, dirt, peat, turf or mosses, the receipts from taking the natural
resources from the land shall be allocated as follows:
(1) if received as rent on a lease or extension     payments on a lease, the receipts are income;
(2) if received from a production payment, the     receipts are income to the extent of any factor for interest or its equivalent provided in the governing instrument. There shall be allocated to principal the fraction of the balance of the receipts which the unrecovered cost of the production payment bears to the balance owed on the production payment, exclusive of any factor for interest or its equivalent. The receipts not allocated to principal are income;
(3) except for oil or gas from non-coal formations     held in nontrust estates and by legal tenants and remaindermen as described in Section 15 of this Act, if received as a royalty, overriding or limited royalty, or bonus, or from a working, net profit, or any other interest in minerals, oil, gas, or other natural resources, receipts not provided for in the preceding paragraphs of this Section shall be apportioned on a yearly basis in accordance with this paragraph whether or not any natural resource was being taken from the land at the time the trust was established.  The trustee shall allocate to principal as an allowance for depletion the greater of (i) that portion, if any, of the gross receipts that is allowed as a depletion deduction for federal income tax purposes and (ii) 10% of the gross receipts, except that that allocation shall not exceed 50% of the net receipts remaining after payment of all expenses, direct and indirect, computed without the allowance for depletion.  The trustee shall allocate the balance of the gross receipts, after payment therefrom of all expenses, direct and indirect, to income;
(4) Only for oil or gas from non-coal formations held     in nontrust estates and by legal tenants and remaindermen as described in Section 15 of this Act, proceeds from the sale of such minerals produced and received as royalty, overriding royalty, limited royalty, working interest, net profit interest, time-limited interest or term interest, or lease bonus shall be deemed income.
(b) If an item of depletable property of a type specified in this Section
is held on the effective date of this Act, receipts from the property shall
be allocated in the manner used before the effective date of this Act, but
as to all depletable property acquired after the effective date of this
Act by an existing or new trust, the method of allocation provided herein shall be used.
(c) If any part of the principal consists of timber, water, soil, sod,
dirt, peat, turf, or mosses, the receipts from those resources shall be
allocated in accordance with Section 3.
(Source: P.A. 100-519, eff. 6-1-18; 100-761, eff. 1-1-19.)
(760 ILCS 15/12) (from Ch. 30, par. 512)
Sec. 12. 
		Other property subject to depletion. 
		Except as provided in
Section 10, if the principal consists of property subject to depletion,
including leaseholds, patents, copyrights, trademarks, and royalty
rights, the receipts therefrom shall be allocated to principal.
(Source: P.A. 82-390; 87-714.)
(760 ILCS 15/12.1) (from Ch. 30, par. 512.1)
Sec. 12.1. 
		Employment related periodic payments.
(a) Except as provided in subsection (b), if any part of the principal
consists of the right to receive periodic payments under an employment
related contract or plan or an individual retirement account or annuity,
the receipts therefrom shall be allocated to principal.
(b) The receipts from any part of the principal consisting of the right
to receive periodic payments under an employment related contract or plan
or an individual retirement account or annuity shall be allocated to income
(i) to the extent designated by the payor as current income for accounting
purposes or (ii) if there is no designation by the payor and if the income
is directed by the instrument to be paid to the surviving spouse of the
participant under the contract or plan or of the owner of the account or
annuity, to the extent of the minimum amount necessary each year to qualify
the part in full for the federal estate tax marital deduction on the basis
of the interest rate generally applicable for the valuation of annuities at
the death of the participant or owner (or, if less, the entire receipts
from the part for the year).
(Source: P.A. 87-714.)
(760 ILCS 15/13) (from Ch. 30, par. 513)
Sec. 13. 
		Nonapportionment of proceeds. 
		Except to the extent provided
in Section 8 and Section 10, no portion of the net proceeds of the sale or
other disposition of property (whether nonproductive, underproductive, or
productive) shall be allocated to income.
(Source: P.A. 87-714.)
(760 ILCS 15/14) (from Ch. 30, par. 514)
Sec. 14. 
		Charges against income and principal.
(a) The following charges shall be made against income:
(1) ordinary expenses, other than compensation as     provided in paragraph (6) of this subsection (a), incurred by the trustee in connection with the administration or protection of the trust property, including regularly recurring taxes assessed against any portion of the principal, water rates, premiums on insurance taken upon the interests of the income beneficiary, remainderman, or trustee, interest paid by the trustee (except interest on taxes as provided in paragraphs (7) and (8) of this subsection and paragraphs (5), (6), and (7) of subsection (c)), ordinary repairs and maintenance;
(2) (blank);
(3) one-half of court costs, attorney's fees and     other expenses and fees on any judicial accounting, unless the court directs otherwise;
(4) court costs, attorney's fees and other expenses     and fees on other judicial proceedings if the matter primarily concerns the income interest, unless the court directs otherwise;
(5) special compensation and expenses of or incurred     by the trustee in connection with income;
(6) one-half of the regular compensation of the     trustee, attorney, investment counsel, custodian or accountant, subject to paragraph (1) of subsection (c);
(7) any tax, including interest and penalties     thereon, levied upon receipts defined as income under this Act or the trust instrument and payable by the trustee;
(8) one-half of the interest on all estate,     inheritance, and generation-skipping transfer taxes apportioned to the trust and one-half of the interest on any penalties on those taxes.
(a-5) A reasonable allowance for depreciation on property that is subject to
depreciation under generally accepted accounting principles may be charged by
the trustee, but no allowance shall be made for depreciation of that portion of
any real property used by a beneficiary as a residence.  Such an allowance
shall be charged only against the income from the property subject to
depreciation and shall not accrue from year to year.
(b) If charges against income are of an unusual amount, the trustee may
by means of reserves or other reasonable means charge them over a
reasonable period of time and withhold from distribution sufficient sums to
regularize distributions.
(c) The following charges shall be made against principal:
(1) one-half of the regular compensation of the     trustee, attorney, investment counsel, custodian or accountant shall be paid out of principal, provided that, if in the judgment of the trustee, the charging of a part or all of that portion of such compensation to principal is impracticable because of the lack of sufficient principal cash and readily marketable intangible personal property, or inadvisable because of the nature of the assets, that part or all of such compensation shall be paid out of income. The decision of the trustee to pay a larger portion or all of such compensation out of income shall be conclusive, and the income of the trust shall not be entitled to reimbursement from principal at any subsequent time or times;
(2) special compensation and expenses of or incurred     by the trustee in connection with principal, trustee's compensation computed on principal as an acceptance, distribution or termination fee, and, unless the court directs otherwise, court costs, attorney's fees and other expenses and fees in judicial proceedings primarily concerning matters of principal or in any action to construe the trust or protect it or the property or assure the title to any trust property;
(3) charges not provided for in subsection (a),     including the cost of investing and reinvesting principal, the payments on principal of an indebtedness (including a mortgage amortized by periodic payments of principal), and expenses for preparation of property for rental or sale;
(4) extraordinary repairs or expenses incurred in     making a capital improvement to principal, including special assessments;
(4.5) costs and disbursements related to     environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters;
(5) any tax, including interest and penalties     thereon, levied upon profit, gain, or other receipts allocated to principal notwithstanding denomination of the tax as an income tax by the taxing authority;
(6) any tax, including interest and penalties     thereon, levied upon amounts not actually received by the trustee before the date the tax is payable, including extensions, notwithstanding the denomination of the tax as an income tax by the taxing authority, except that if, in the judgment of the trustee, the charging against principal of part or all of the tax is impracticable because of a lack of sufficient principal cash and readily marketable intangible personal property or inadvisable because of the nature of the assets that part or all of the tax shall be charged against income.  The decision of the trustee to charge part or all of the tax against income shall be conclusive, and the income of the trust shall not be entitled to reimbursement from principal at any subsequent time or times.  If any part or all of the amount on which tax was previously paid and charged against principal is later received by the trustee and if the receipt is otherwise credited to income, then when the amount is received the portion of the tax previously paid and charged against principal attributable to the amount so received shall be deducted from the amount and credited to principal;
(7) all estate, inheritance, and generation-skipping     transfer taxes and any penalties on the taxes apportioned to the trust and one-half of the interest on those taxes and penalties;
(8) a net loss in any fiscal or calendar year from     the operation of a business or an agricultural or farming operation, to be repaid from income as available in the succeeding year or years;
(9) monies paid for the purchase of options.
(Source: P.A. 91-923, eff. 7-7-00.)
(760 ILCS 15/15) (from Ch. 30, par. 515)
Sec. 15. Non-trust estates.
(a) The provisions of this Act, as far as applicable, shall apply to
nontrust estates subject to any agreement of the parties or any specific
direction by statute or otherwise, and the references to trusts and
trustees shall be read as applying to nontrust estates and to legal tenants
(including life tenants, tenants for terms of years, or any other period of
tenancy) and remaindermen as the context requires; except that if either a
legal tenant or a remainderman has incurred a charge for his benefit
without the consent or agreement of the other, he shall pay that charge
in full.
(b) If the costs of an improvement, including  special taxes or
assessments, representing an addition to value of property forming part of
the principal cannot reasonably be expected to outlast the legal tenancy,
the costs shall be paid by the legal tenant.  If the improvement can
reasonably be expected to outlast the legal tenancy, only a portion of the
costs shall be paid by the legal tenant and the balance by the
remainderman.  The portion payable by the legal tenant shall be that
fraction of the total found by dividing the present value of the legal
tenancy by the present value of an estate of the same form as that of the
legal tenancy but limited to a period corresponding to the reasonably
expected duration of the improvement. The computation of present value of
the legal tenancy shall be computed on the basis of two-thirds of the value
determined by use of the tables set forth under Section 7520 of the
Internal Revenue Code of 1986 and the regulations thereunder for the
calculation of the values of annuities, life estates, and terms for years,
and no other evidence of duration or expectancy shall be considered, except
that any legal tenancy or remainder interest acquired for consideration
based on those tables shall be computed on the basis of the tables in
effect at the time acquired.  The method of computing the present value of
a legal tenancy established in this subsection shall apply to all legal
tenancies and remainders created after January 1, 1992 and to all legal
tenancies and remainders which were acquired for consideration if the
amount of the consideration was based on the tables set forth under Section
2031 or 7520 of the Internal Revenue Code then in effect.
(c) If a legal tenant has leased any lands for agricultural or farming
operations and his legal tenancy terminates on or after the day any rent
has become due and payable, he or his representative is entitled to recover
that rent from the lessee; and if a legal tenancy terminates before the
rent under the lease is fully paid, the legal tenant or his representative
is entitled to recover from the lessee:
(1) that portion of the rent not due which the number     of days from the beginning of the period for which the rent is not due to the date of the termination of the legal tenancy bears to the total number of days in the period for which the rent is unpaid; and
(2) that portion of the landlord's share of actual     expenses paid before the termination of the legal tenancy and not previously recovered by him, which the number of days in the lease period on and after the termination bears to the total number of days in the lease period.
(d) (Blank).
(Source: P.A. 100-519, eff. 6-1-18; 100-761, eff. 1-1-19.)
(760 ILCS 15/16) (from Ch. 30, par. 516)
Sec. 16. 
		Application of Act. 
		Except as specifically provided in the
governing instrument or in this Act, this Act shall apply to any receipt or expense
received or incurred on or after the effective date of this Act by any trust,
decedent's estate or legal life estate whether established on, before
or after the effective date of this Act and whether the asset involved was
acquired by the trustee, personal representative or legal life tenant on,
before or after the effective date of this Act.
(Source: P.A. 82-390.)
(760 ILCS 15/16a) (from Ch. 30, par. 516a)
Sec. 16a. 
		Repealer. 
		The "Principal and Income Act", approved July 17,
1941, as amended, is repealed.
(Source: P.A. 82-390.)
(760 ILCS 15/17) (from Ch. 30, par. 517)
Sec. 17. 
		This Act takes effect January 1, 1982.
(Source: P.A. 82-390.)