What Has Changed?

Thanks to a new law effective January 1, 2022, retail car buyers can now receive a full tax credit on their vehicle trade-in. Public Act 102-0353 has amended the Retailers’ Occupation Tax Act and the Use Tax Act to remove the previous $10,000 tax exemption limit on vehicle purchases previously created by Public Act 101-0031.

How Does This Benefit You?

Illinois car buyers can now receive a tax credit on the full value amount of their trade-in when purchasing a vehicle. In the past, the law only allowed the tax credit on a maximum amount of $10,000 when trading in a vehicle, even if the vehicle was worth more. This amendment now fully removes that cap so that new car buyers can receive a credit on the entire value of the trade being applied to the purchase.

If you're in the market for a new car, not only is your vehicle worth more now than ever, but you can truly get the most out of your money by receiving a full tax credit on your trade. Shop with Volkswagen of Marion today and get top dollar for your trade!