IL HB1922

Removes the January 1, 2020 provision that included trade-in value of motor vehicles (First Division) over $10,000 in the definition of "selling price" for sales and use tax purposes.

Restores the prior rule that trade-in value of tangible personal property of "like kind and character" is excluded from "selling price" for both Use Tax Act and Retailers' Occupation Tax Act.

Applies retroactively to exclude all traded-in tangible personal property from taxable selling price, not just items traded-in before January 1, 2020.

Makes changes effective immediately upon becoming law.