2020 New Illinois Tax Law
There is new information regarding Illinois’ recent tax revisions. The Vehicle Trade-In Value Cap has been changed and it’s important to understand what this means for purchasing a vehicle in Illinois.
Starting January 1, 2020, the trade in value cap for tax credit is $10,000. 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. There are other elements to this law to help keep tax credit amounts fair for all consumers.
Buy before January 1st and receive full tax credit for your trade in!!
Questions about how this will effect you?