It’s important to stay up to date on Illinois’ recent tax revisions because you may have the opportunity to save money. The Vehicle Trade-In Value Cap has been adjusted. Read further to understand what this could mean for you when purchasing a vehicle in Illinois.
Beginning January 1, 2020, the trade-in value cap for tax credit purposes is $10,000 for first division motor vehicles. This means that no matter what value your trade-in vehicle is worth, you may only receive a tax credit on no more than $10,000. Other components have been added to this law to keep tax credit amounts fair for all consumers.
See the grid above for examples.
The time to act is now! Get your vehicle’s best value and pay the least amount of tax possible. Fill out the form below to get started, and begin your free trade evaluation today!