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The Cook County, Illinois sales tax is 9.00%, consisting of 6.25% Illinois state sales tax and 2.75% Cook County local sales taxes.The local sales tax consists of a 1.75% county sales tax and a 1.00% special district sales tax (used to fund transportation districts, local attractions, etc).. The Cook County Sales Tax is collected by the merchant on all qualifying sales made within Cook … In 42 states, the sales tax you pay will be on the value of your new vehicle minus the trade-in allowance amount. Public Act (P.A.) On January 1 st, 2020, a change in Illinois tax law will go into effect, drastically reducing the amount that can be saved on sales tax when trading a vehicle in. Traditionally, a sales tax credit is applied to the purchase of a new vehicle when using an old one to help pay for it, reducing how much sales tax a buyer needs to pay for the whole transaction. Currently the state collects no sales tax on trade-in value, but that changes on Jan. 1. see a full list of taxable and tax-exempt items in Illinois. SalesTaxHandbook is a free public resource site, and is not affiliated with the United States government or any Government agency, Sales Tax Handbooks By State | If you're an online business, you can connect TaxJar directly to your shopping cart, and instantly calculate sales taxes in every state. The least a driver looking to trade-in will face is 6.25% in sales tax, the state’s rate. We read every comment! Starting on Jan. 1, 2020, a local sales tax will be added to any trade-in value over $10,000. Currently, the state of Illinois does not collect sales tax on a car's trade-in value. Automate your business's sales taxes! IL sales tax on vehicle trade. Yes. To learn more, see a full list of taxable and tax-exempt items in Illinois. Municipalities often add their own sales tax, averaging 2.49%. To learn more, see a full list of taxable and tax-exempt items in Illinois. Last sales taxes rates update. In 2020, trade-in credit above $10,000 will be taxedin addition to the difference between the new and used car prices. Illinois residents will be impacted by these changes beginning on January 1, 2020. Starting Wednesday, the state will officially tax the value of any trade-in vehicle worth at least $10,000. Illinois is imposing a car trade-in tax on Jan. 1. Are Trade-Ins subject to sales tax? That means trading in a $30,000 car for one worth $60,000 will cost the customer an extra $1,200 in additional sales taxes. The total sales tax bill will be $2,450 instead of $3,150 – leaving the buyer paying $1,350 more in sales tax on the same transaction than if they had purchased the vehicle earlier. Instead of paying sales tax on the full $45,000 value of the new Model 3, the taxable amount is reduced by the value of the trade-in: $30,000. Beginning January 1, 2020, sales tax will be applied to trade-in values over $10,000. Another Illinois Tax: Car Trade-In Tax. Beginning January 1, 2020 a maximum of $10,000 of the trade-in value of the old vehicle is exempt from Illinois sales tax. All rights reserved. This page describes the taxability of trade-ins in Illinois. That means trading in a $30,000 car for one worth $60,000 will cost the customer an … Illinois will impose a car trade-in tax on January 1, 2020. Currently, because a trade-in lowers the capitalized cost, it also reduces the applicable sales tax. Click here to get more information. While Illinois' sales tax generally applies to most transactions, certain items have special treatment in many states when it comes to sales taxes. So people who trade-in cars worth more than $10,000 will pay between 6.25% and 9.5% in sales tax, depending on county and region. Instead of the taxable amount being reduced by the full value of a trade-in, there’s a $10,000 cap. Here is an example of what the change will cost using the combined average state and local tax of 8.74%. Current Automotive is not affiliated with Tesla, inc. Statewide the … There is still some value to trading in a vehicle after the new rule goes into effect, and buyers with older/less-valuable trade-ins won’t be negatively affected at all. The average sales tax on this transaction would be roughly $1,311. Be sure to review details of your specific scenario to learn how you will be taxed. Due to a new broadening of the sales tax, Illinois residents won’t get as much back in value when they trade in their cars for new ones. For many years, Illinois has imposed its franchise tax on domestic and foreign corporations for the authority to transact business in Illinois. Instead, Illinois’ sales tax will apply to any trade-in vehicle worth more than $10,000. When do these changes take effect? Sales Tax Calculator | The state currently collects no sales tax on your car's trade-in value, which has acted as credit towards a new vehicle purchase. The old law was $20,000 and upward. ... As of January 1st of this year, Illinois officially taxes the value of a trade-in worth 10,000 or more. Beginning in 2020, a new law signed by Gov. On January 1st, 2020, a change in Illinois tax law will go into effect, drastically reducing the amount that can be saved on sales tax when trading a vehicle in. As a general rule, trade-in taxes apply only to the state in which you register the vehicle. The sales tax bill on that same transaction goes up nearly $900 in 2020. Therefore, sales tax is owed on $25,000 instead. Statewide the … Essentially, the buyer receives a sales tax credit equal to the value of their trade-in (further explanation below) – and this credit can easily save buyers thousands of dollars in taxes on the purchase of a new vehicle. In a mere five months, Illinois residents must start paying a tax on trade-in vehicles worth over $10,000. 101-0031 amended the Retailers' Occupation Tax Act and the Use Tax Act to redefine the "selling price" subject to Sales and Use Taxes for sales and purchases of motor vehicles when a customer trades in a first division motor vehicle. https://www2.illinois.gov/rev/research/taxinformation/sales/Pages/rot.aspx Beginning in 2020, a new law signed by Gov. So, while this change to the trade-in sales tax credit affects all buyers who are registering their vehicles in Illinois, there can also be some effects for residents of other states. Oregon has no sales tax, so if you buy a vehicle there, you pay no taxes. In California, Hawaii, Kentucky, Maryland, Michigan, Montana, and Virginia, you pay the sales tax rate on the full value of the new vehicle you’re buying. The statewide sales tax rate is 6.25% collected by the Illinois Department of Revenue with 1.25% being returned to local governments where the goods were purchased. If a trade-in is worth $10,000 or less, the full value would be received. Illinois currently only taxes trade-ins worth more than $20,000, so the tax on a new $35,000 car would be about $1,300. J.B. Pritzker will apply Illinois’ sales tax to any traded-in vehicle’s worth over $10,000. That means trading in a $30,000 car for one worth $60,000 will cost the customer an … Sales tax only applies to the difference between the determined trade-in … Currently, Illinois does not charge sales tax on vehicle trade-in value. This means that a trade in could act as an untaxed credit toward a new vehicle purchase. Starting January 1st 2020, sales tax will be charged on trade-ins above $10,000. This page describes the taxability of trade-ins in Illinois. While Illinois' sales tax generally applies to most transactions, certain items have special treatment in many states when it comes to sales taxes. The three lightning bolts logo is a registered trademark of Current Automotive. With the same cars as the above example – the taxable value of the Model 3 purchase is reduced only by $10,000, even though the trade-in is worth $30,000. A new law, titled Leveling the Playing Field for Illinois Retail Act, will apply Illinois' sales tax to the value of vehicle trade-ins over $10,000 rather … Beginning January 1, 2021, such licensees must collect Illinois taxes as follows: When annual sales to Illinois customers are below $100,000 or 200 transactions, they must collect 6.25% state Use Tax. J.B. Pritzker, state and local sales tax will be applied to any trade-in value above $10,000. Starting January 1, 2020, sales tax … Prior to 2020, Illinois did not collect a sales tax on a car’s trade-in … But in 2020, the state will … As a business owner selling taxable goods or services, you act as an agent of the state of Illinois by collecting tax from purchasers and passing it along to the appropriate tax authority. What is the new Illinois tax law? Instead of the taxable amount being reduced by the full value of a trade-in, there’s a $10,000 cap. The New Illinois Auto Sales Tax : 3 Things Lovers of Luxury Vehicles Need to Know. Simplify Illinois sales tax compliance! No longer will the entire value of your trade save you from paying sales tax on the purchase of your next vehicle. Usage is subject to our Terms and Privacy Policy. We provide sales tax rate databases for businesses who manage their own sales taxes, and can also connect you with firms that can completely automate the sales tax calculation and filing process. There is also 460 out of 1645 zip codes in Illinois that are being charged city sales tax for a ratio of 27.964%. Let us know in a single click. With the average Illinois sales tax rate being approximately 8.75%, this change could mean thousands of dollars in additional sales taxes being owed on the purchase of a new vehicle. Illinoisans with more expensive vehicles who are looking to upgrade soon could stand to save thousands by making their new vehicle purchase before the end of the year. J.B. Pritzker, state and local sales tax will be applied to any trade-in value above $10,000. just another reason to leave illinois. Print Exemption Certificates. We value your feedback! Thread starter BBgirl69; Start date Jan 15, 2011; Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills Please click a … That’s over $2,000 in savings, just for trading a vehicle in. Come 2020, buying a car with a trade-in will get a little more expensive for Illinois residents. The least a driver looking to trade-in will face is 6.25% in sales tax, the state’s rate. Illinois residents won't be able to avoid new trade-in tax by buying cars in Northwest Indiana, but another new tax may eventually drive more people from the south suburbs across If a trade-in is worth $10,000 or less, the full value would be received. A buyer is trading in a $30,000 car for a 2018 Tesla Model 3 Long Range Dual Motor priced at $45,000. Currently the state collects no sales tax on trade-in value, but that changes on Jan. 1. Generally, buyers pay tax based on the location they’re registering their car, not based on the state they’re buying it from. SalesTaxHandbook visitors qualify for a free month by signing up via our partner program here: Sales of are exempt from the sales tax in Illinois. The tax is measured by a corporation’s paid-in capital after apportionment to Illinois, and unlike Illinois’ other taxes, it is administered by the Illinois Se… Municipalities often add their own sales tax, averaging 2.49%. But there is one specific carve-out to the new law. Another new wrinkle in Illinois for 2015 is that trading in a vehicle will no longer affect the sales tax on a lease. Our partner TaxJar can manage your sales tax calculations, returns and filing for you so you don't need to worry about mistakes or deadlines. President of the Illinois Automobile Dealers Association Pete Sander says if you’re trading in a pick-up truck or cargo van the entire value of the vehicle is still exempt. Under the new law, a maximum of $10,000 in trade-in value will be exempt from the sales tax. Do you have a comment or correction concerning this page? To summarize: Illinois currently is not collecting state sales tax on a car's trade-in value. Under Senate Bill 690, signed June 28 by Gov. Sales tax will be paid based on a total of $35,000. Illinois will now no longer give a full exemption on the trade-in value of a car. good job illinois, 1551 W Jefferson Ave., Naperville, IL 60540, The Past, Present, and Future of Electric Vehicle…. Under Senate Bill 690 , signed June 28 by Gov. Illinois is imposing a car trade-in tax on Jan. 1. That provision ends with the new law because the cap cost is … © 2021 SalesTaxHandbook. Your car is worth more today, than it will be next year. If a trade-in is worth more than that by any amount, the buyer only receives a $10,000 credit. Currently, combined sales tax rates in Illinois range from 6.25 percent to 11 percent, depending on the location of the sale. You then add state tax and miscellaneous fees. Illinois will now no longer give a full exemption on the trade-in value of a car. The last rates update has been made on July 2021. Technically, the law caps the vehicle trade-in tax credit at $10,000. 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