Public Act (P.A.) 101-0031 amended the Retailers' Occupation Tax Act and the Use Tax Act to redefine the "selling price" subject to Sales and Use Taxes for sales and purchases of motor vehicles when a customer trades in a first division motor vehicle. Under this new definition, "selling price" includes the value of or credit given for traded-in first division motor vehicles exceeding $10,000.
FS-14 Trade-In Credit Limit Frequently Asked Questions
Informational Bulletin FY2020-1, Change to Credit Allowed for Traded-In First Division Motor Vehicles