As of January 1, 2022, Public Act (P.A.) 102-0353 removes the $10,000 trade-in credit limit for sales and purchases of first division motor vehicles that had been created by Public Act (P.A.) 101-0031.
How does this affect you? New vehicle buyers can trade in their vehicles for the full tax credit. For trading in a first division motor vehicle, the trade-in credit was not to exceed $10,000.
How much could you save? Trade-in savings are substantial when purchasing a new vehicle. A trade-in of $2000, for instance, can generate a tax credit of $2,000 depending on the location. By comparing this savings with the capped trade-in credit, the vehicle buyer would save $1,000.
As soon as you start your new vehicle purchase, our team at Kunes Hyundai of Quincy will automatically apply the Trade-In Tax Credit. Here is a look at our inventory, which is the largest in the Midwest.
Bottom Line: Since trade-in values have reached historic highs, tax credits can not only drive trade-ins, but can also maximize your savings.
Check out the full Illinois Department of Revenue’s Information Bulletin here