The new law takes effect in JanuaryAt the start of the new year, Illinois will begin taxing vehicle trade-ins that are worth more than $10,000. Currently, the state does not collect any sales tax on trade-in deals. Buyers currently get a tax credit for their old car’s value, and are only taxed on the differences in monetary value between their trade-in car and the new car. Some dealers are worried that this could cause people to hold on to their cars longer to avoid the tax. The city of Chicago’s winter parking ban went into effect last week and around 248 cars were towed in the first night alone. A recent study shows that many of the towed vehicles never make it back to their owners. Some people are unable to afford the towing and storage fees, so their cars were sold by the city. Since 2009, around 1,200 vehicles were sold that were towed during the parking ban. For information on vehicles and maintenance, pay a visit to Chicago Autohaus.
Summary: At the start of the new year, Illinois will begin taxing vehicle trade-ins that are worth more than $10,000. Currently, the state does not collect any sales tax on trade-in deals.
Summary: Chicago’s winter parking ban took effect recently and over 248 cars were towed in the first night alone. A new study shows that many of those cars never make it back to their owners.
from https://chicagoautohaus.com/new-taxes-for-car-trade-ins/
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Autohaus is Chicago’s premier collision center, auto repair and customization shop located in Chicago’s Lincoln Park/Bucktown area. We are conveniently located to serve Chicago’s Gold Coast & North Side as well as the outlying Chicagoland area. Our full service auto repair shop prides itself on giving our clients the highest quality work and the absolute best in customer service. Archives
June 2017
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