IL HB2824

Eliminates the January 1, 2020 provision that required motor vehicle trade-in values exceeding $10,000 to be included in "selling price" for tax purposes, restoring the prior rule that excludes all trade-in values of like kind and character property.

Amends both the Use Tax Act (35 ILCS 105/2) and Retailers' Occupation Tax Act (35 ILCS 120/1) to apply the trade-in value exclusion uniformly to all tangible personal property, not just motor vehicles.

Removes language specifying that the trade-in value exclusion did not apply to First Division motor vehicles beginning January 1, 2020, returning to broader trade-in credit eligibility.

Takes effect immediately upon becoming law.