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Illinois to limit tax credit on car trade in's

Discussion in 'Chicago' started by jjmalez, Jul 16, 2019.

  1. jjmalez

    jjmalez F1 Rookie
    Silver Subscribed

    Apr 8, 2005
    4,063
    Northern Illinois
    Full Name:
    Joseph
    Due to a new broadening of the sales tax, Illinois residents won’t get as much back in value when they trade in their cars for new ones.

    Beginning in 2020, a new law signed by Gov. J.B. Pritzker will apply Illinois’ sales tax to any traded-in vehicle’s worth over $10,000. That means trading in a $30,000 car for one worth $60,000 will cost the customer an extra $1,200 in additional sales taxes.

    Pete Sander, president of the Illinois Automobile Dealers Association, said it could mean Illinois residents put off getting a new car or won't be able to afford as much car as before.

    https://www.thecentersquare.com/illinois/illinois-will-soon-tax-trade-in-car-value-even-for/article_a82d683e-a363-11e9-b3e6-efe8ec3c4af1.html

    I'm still waiting for the inevitable 'masturbation' tax.

    :rolleyes:
     
    tatry68 likes this.
  2. clockem

    clockem Formula Junior

    May 18, 2009
    953
    Chicago
    Full Name:
    Gary
    Ouch!! If you have property in another state you may want to develop a relationship with the local Ferrari dealer if that State is like Illinois today related to trade ins.

    Surprised Pritzker’s family has not moved out of Illinois yet. He might be the only Pritzker left in the state soon. California’s looking better every day!!
     

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