ILLINOIS (RFD) — As automobile owners begin the New Year if you’re going out and buying a new vehicle there’s a new tax law to keep in mind. No longer will the entire value of your trade save you from paying sales tax on the purchase of your next vehicle. But there is one specific carve out to the new law. Pete Sander, President of the Illinois Automobile Dealers Association, says if you’re trading in a pick-up truck or cargo van the entire value of the truck is exempt.
SUV’s are not exempt from the new sales tax law, even if they are being driven with B Truck license plates.