Car dealers may have a busy New Year’s Eve if Illinoisans try to beat a significant sales tax expansion on vehicle trade-ins that starts in 2020.
The state currently collects no sales tax on a car’s trade-in value, which acts as credit toward a new vehicle purchase. By law, sales tax only applies to the difference between trade-in value and the new vehicle’s purchase price. Continue reading “Illinois Imposing Car Trade-In Tax On Jan. 1; Dealers Call It Double Taxation”