The new law takes effect in January

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. 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.

Illinois To Start Collecting Sales Tax On Vehicle Trade-Ins Worth More Than $10,000

Starting next year, the state of Illinois will collect sales tax on the trade-in value of cars worth more than $10,000.

Currently, the state doesn’t collect any sales tax on trade-in values.

Buyers currently get a tax credit for their old car’s value, and are only taxed on the differences in value between their trade-in and the new car.

“We probably take in trade-ins on 40% of our cars,” car dealer Bill Haggerty said. Read more

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.

Chicago Regularly Sells Cars Lost To Winter Parking Ban

Chicago’s winter parking ban took effect early Sunday, and 248 cars were hauled to the impound on the first night, according to the city’s Department of Streets and Sanitation.

The ban prevents drivers from parking on nearly 100 miles of city streets from 3 a.m. to 7 a.m. between Dec. 1 and April 1 — whether or not there’s snow to be plowed.

A new WBEZ analysis of city data shows that dozens of vehicles towed in the ban regularly don’t make it back to their owners. Learn more

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.

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