Illinois Trade-In Tax 2020
This New Tax Will Cost Illinoisans $60 Million Come The New Year!
Are you an Illinois resident who is thinking about trading in their vehicle? If so, the time to act is now! At the beginning of the new year in 2020, the state of Illinois will be hit with a significant sales tax increase vehicles trade-ins that will end up costing the consumer big time.
In 2020, any trade-in credit over $10,000 will be taxed in addition to the normal payment on the difference of the sales tax. This change could potentially double the sales tax of the consumer.
If the details are still a little confusing, know this - come January 1st, 2020, this new tax is expected to cost Illinoisans $60 million per year, and it’s all because of the Senate Bill 690 that was signed by Gov. J.B. Pritzker this past year. This can also leave those with a trade-in value of more than $10,000 dealing with double taxation. As the president of the Illinois Automobile Dealers Association said, “you already paid sales tax when you bought the vehicle first time around.”
Come January 1, 2020, Senate Bill 690 signed by Gov. J.B. Pritzker will cost the residents of Illinois $60 million per year. Unfortunately, every trade-in could potentially be affected by this double taxation. Going out of state is not an option either as this bill applies to purchases across state lines.
With all this being said, there are only a few days left. Avoid the 2020 tax bill by stopping in to Ivygate Auto and let me help you save thousands.