*Illinois "Vehicle Trade Tax" Information Update*
*Key Note- Pickup trucks are exempt from the new trade tax
Let's continue further...The new change to credit allowed for traded-In first division motor was explained to dealers and the general public through bulletin FY2020-1.
The bulletin notes, starting January 1st 2020, first division vehicles will be subject to a tax credit cap at $10,000.00. Second division vehicles will be exempt from the tax.
I explain further in the video, but here's some highlights:
-Passenger cars, sports cars, mini vans, suvs, etc are all defined as first division and will be subject to the changes and will be taxed differently. (Yes, this includes Tahoe, Expedition, Suburban, Wrangler, etc)
-Pickup trucks and utility vans are excluded from the new tax changes as they are classified as second division. You will be taxed the same as now on these vehicles. (This includes, Ranger, Colorado, Transit, Silverado 1500, F350, etc)
-The tax is based on the division of your trade, not vehicle purchased. Division one trades towards division two will still be subject to tax.
Example 1: Trading a Cruze worth more than $10k on trade towards a Silverado would be subject to the new tax.
Example 2: Trading a Silverado for a Camry would not be subject to the new tax.
Called Getting the shaft in Illinois starting 2020. New Tax Laws on vehicle purchases and or trade ins..Also all the plate fees are going up from 50-100 pending vehicle type Car/Truck.
Including your race car trailer.
Ill has long been run badly.
We are broke and yet they come up with more free stuff to hand out.
All I can say is "support you Federal Prosecutor"
Dave Koehler - Koehler Injection - http://www.koehlerinjection.com
Fuel Injection - Nitrous Charger - Nitrous Master Software - Balancing
99% of fuel injection problems are electric.
Completely politically controlled by the urban pockets in our state. Most of this state is quite nice and inhabited by decent people. Sure wish Chicago would become its own state. Or country!
Foxtrot Juliet Bravo
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