Updates to the Illinois Trade-In Tax in 2022
Important changes to Illinois vehicle trade-in credit in 2022.
January 2022 – The state of Illinois recently repealed a law to allow customers to receive the full tax credit on vehicle trade-ins. In addition to this change, recent fluctuations in the automotive market make right now an ideal time to have your vehicle appraised and explore your options.
|
2021 |
|
|
New Car Price |
$40,000 |
|
Trade-in Value |
$25,000 |
|
Tax Credit |
$10,000 |
|
Taxable Amount |
$30,000 |
|
Est. Tax |
$2,775.00* |
|
2022 |
|
|
New Car Price |
$40,000 |
|
Trade-in Value |
$25,000 |
|
Tax Credit |
$25,000 |
|
Taxable Amount |
$15,000 |
|
Est. Tax |
$1,387.50* |
In this example, you will be saving $1,387.50 more this year than you would in 2021.*
*Example based on 9.25% sales tax rate. Does not include license and doc fee. Example only.
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