Illinois Trade-In Tax Change

** Notice of Significant Changes to Illinois Sales Tax **

 

Effective January 1, 2020 Under Senate Bill 690, signed into law June 28 by Gov. J.B. Pritzker, state and local sales tax will be applied to any trade-in value above $10,000.

 
Currently, Illinois does not charge sales tax on vehicle trade-in value. Beginning January 1, 2020 sales tax will be applied to trade-in values over $10,000. Here is an example of what the change will cost using the combined average state and local tax of 8.74%:

Illinois Trade-In Tax Change

Illinois Trade-In Tax Change
 

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