(760 ILCS 3/1113)
    Sec. 1113. Application to express trusts.
    (a) In this Section:
        (1) "Unitrust" means a trust the terms of which
require distribution of a unitrust amount, without regard to whether the trust has been converted to a total return trust in accordance with this Article or whether the trust is established by express terms of the trust.
        (2) "Unitrust amount" means an amount equal to a
percentage of a trust's assets that may or must be distributed to one or more beneficiaries annually in accordance with the terms of the trust. The unitrust amount may be determined by reference to the net fair market value of the trust's assets as of a particular date or as an average determined on a multiple-year basis.
    (b) A unitrust changes the definition of income by substituting the unitrust amount for net trust accounting income as the method of determining current return and shall be given effect notwithstanding any contrary provision of the Principal and Income Act. By way of example and not limitation, a unitrust amount determined by a percentage of not less than 3% nor greater than 5% is conclusively presumed a reasonable current return that fairly apportions the total return of a unitrust.
    (c) Subsection (b) of Section 1107 applies to a unitrust except to the extent its trust instrument expressly provides otherwise.
    (d) This Section does not apply to a charitable remainder unitrust as defined by Section 664(d) of the Internal Revenue Code.
(Source: P.A. 101-48, eff. 1-1-20.)