Beginning January 1, 2022, Public Act (P.A.) 102-0353 amends the Retailers’ Occupation Tax Act and the Use Tax Act to remove the $10,000 trade-in credit limit for sales and purchases of first division motor vehicles that was previously created by P.A. 101-0031.
What does this mean for you? Buyers in the market for a new vehicle can trade their vehicles in for the full tax credit. Previously, the credit which could be claimed for a first division motor vehicle being traded in could not exceed $10,000.
What kind of savings could you see? Trade-in savings can be significant when purchasing a new vehicle. For example, a $2000 trade-in can generate a tax credit of $2,000 depending on the location. A vehicle buyer would save $1,000 in this case compared to the capped trade-in credit.
Our (Insert rooftop name) Team will automatically add the Trade-In Tax Credit when you stop in and start your new vehicle purchase. Our inventory is the largest in the Midwest, you can see that here. (link to new inventory).
Bottom Line: As trade-in values are at an all-time high, the tax credit is not only an incentive to trade in your vehicle, but can also help maximize your savings.
Read the full Information Bulletin from the Illinois Department of Revenue here:
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