SB4073

Illinois SB4073 amends the Illinois Vehicle Code to impose a tax on motor vehicles acquired by gift, transfer, or purchase, with rates varying based.

Illinois SB4073 amends the Illinois Vehicle Code to impose a tax on the privilege of using any motor vehicle acquired by gift, transfer, or purchase. The tax rates vary based on the vehicle's model year and selling price. For vehicles with a selling price of $15,000 or more, the tax rates range from $850 to $10,100 depending on the selling price. For vehicles with a selling price less than $15,000, the tax rates range from $390 to $115 depending on the number of years that have transpired after the model year.