Illinois SB4176 amends the Illinois Vehicle Code to impose a tax on motor vehicles acquired by gift, transfer, or purchase, extending the tax to.
Illinois SB4176 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 applies to vehicles acquired by grandparents and grandchildren, in addition to other family members. The tax rates vary based on the selling price of the vehicle and the number of years that have passed since the vehicle's model year. The tax revenue generated is allocated to the Build Illinois Fund.
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