Lower IL Taxes on Leases
Get More Car for Less Money Thanks to Lower IL Taxes on Leases
The new year has brought great news for drivers in search of their next vehicle in the form of lower lease taxes in Illinois. Illinois drivers signing leases after January 1, 2015 will pay less in taxes on all new light-duty vehicles. New lessees could pay only half as much on taxes as they did previously — whether you enjoy lower monthly payments or would rather get more car for your money is your choice!
What are the Changes to the Illinois Lease Tax?
House Bill 2317 was signed into law in May 2014, and it alters the way the state goes about tax collection on leases of light-duty vehicles. Before this bill was signed, Illinois drivers were taxed for the total cost of the vehicle; now you are only required to pay sales tax on your down payment and monthly payments.
Lease Your Next Vehicle at River View Ford
If you would like to take advantage of lower Illinois taxes on leases, visit our dealership at 2200 U.S. 30 in Oswego, IL. We look forward to meeting you!