New sales tax to apply to auto trade insArchived Message
Posted by Riverbender on July 11, 2019, 3:01 pm
This will slow car sales meaning less steel will be needed and so on and so forth. Be interesting to see if the Steelworkers continue to support the usual Democrats.
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.
Beginning in 2020, a new law signed by Gov. J.B. Pritzker will apply Illinois’ sales tax to any traded-in vehicle’s worth over $10,000. ete Sander, president of the Illinois Automobile Dealers Association, said it could mean Illinois residents put off getting a new car or won't be able to afford as much car as before.
“There’s no question that it could have a large impact on the industry,” he said, adding that a tax on the trade-in value of a car amounts to taxing the vehicle twice because it was taxed once at the original purchase.
on July 11, 2019, 3:01 pm