2020 Illinois Tax Code

New Illinois tax code may cost buyers
thousands of dollars in 2020!

Effective January 1st,
there is a new Illinois tax law that will affect
all new and used car trade ins.

Under the old tax law, all buyers received a tax savings on the entire value of their trade in. Under the new tax law, you'll only receive tax savings for the first $10,000 value of your trade. For example, in 2019, if your trade is worth $20,000, you will get $1,400 in tax savings; however, in 2020 you will only get $700 in tax savings.

Here's how it works:

2019 Illinois Tax Savings

2020 Illinois Tax Savings

Purchase price:

Trade value:

Eligible trade tax savings:







2019 taxes based on 7%: $700

2019 final price: $10,700

2020 taxes based on 7%: $1,400

2020 final price with the new Illinois tax law: $11,400

Don't miss out on your fair share of tax savings and buy before the new law comes into effect.