IL HB5662

Secretary of State shall adopt and implement the Tate Revenue Increase Plate Plan (TRIPP), requiring compliance with Illinois Procurement Code provisions for sole source procurements.

All currently issued license plates are classified as personal property and assessed an optional annual TRIPP license fee of $120, with license plate owners eligible for weekly lottery cash prizes if they participate.

License plate owners participating in TRIPP for at least 12 months may sell their plates through an Internet auction site linked on the State's home page, with a 25% privilege tax assessed on sales and the auction price becoming the new assessed value of the plate.

Transfers of license plates to immediate family members (parents, siblings, children) are exempt from TRIPP fees if no consideration is paid and the transferee has a valid driver's license and registered vehicle.

Fifteen percent of all TRIPP revenue shall be used as a license fee, with the State transferring a deposit equal to 10% of anticipated first-year license fee payments to the TRIPP licensor within 30 days of the effective date.