Why you might pay more to buy a car in Illinois: a trade-in tax credit cap – Daily Herald

Car buyers are on the hook for an estimated $40 million extra in sales taxes thanks to an Illinois law starting next year that will cap trade-in tax credits for most motor vehicles at $10,000.

Currently, car buyers pay sales tax on the difference between the value of a new car and the value of the car they're trading in. But starting Jan. 1, car buyers will receive sales tax credit on only up to $10,000 of the value of their trade-in.

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A statewide concern: Illinois’ population decline outpaces neighboring states – Wirepoints on ABC20 Champaign

“We are not in good shape” Wirepoints’ Ted Dabrowski told ABC 20 Champaign during a segment on Illinois’ latest population losses. Illinois was one of just three states to shrink in the 2010-2020 period and has lost another 300,000 people since then. Ted says things need to change. “It’s too expensive to live here, there aren’t enough good jobs and nobody trusts the government anymore. There’s just other places to go where you can be more satisfied.”

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