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 for first division motor vehicles. Meaning 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.
The time is now to receive your vehicle’s best value and the greatest amount of tax savings. Get Your Vehicle’s Best Trade Value by filling out the form below.