Illinois
What is the trade-in credit allowed for Illinois?
For Illinois, trade-in credit allowed is full credit, recorded from its source on 2026-08-20.
For sales made on or after January 1, 2020, up to and including December 31, 2021, for purposes of calculating your Sales Tax due, you cannot claim trade-in credit exceeding $10,000 for any first division motor vehicle that was traded in during the sale being reported on Form ST-556. For sales made on or after January 1, 2022, the $10,000 trade-in credit limit no longer applies.
— tax.illinois.gov, retrieved 2026-08-20
- State
- Illinois our reading
- Trade-in credit allowed
- full credit our reading
Values marked our reading are our classification of what the source says — the source does not print them in those words. The quote below is the evidence for each one; judge it yourself.
Source
- tax.illinois.govhttps://tax.illinois.gov/forms/sales/vehicleusetax/st-556-sales-tax-transaction-return-instructions.html