IL HB2934

Amends the Use Tax Act and Retailers' Occupation Tax Act to exclude traded-in tangible personal property value from "selling price" calculations for all goods, effective immediately.

Removes the January 1, 2020 provision that required motor vehicle trade-in values exceeding $10,000 to be included in the taxable selling price.

Restores the prior rule that allows deductions for trade-in value when the traded-in item is of "like kind and character" as the property being sold, applied uniformly across all tangible personal property.

Applies to both Use Tax Act (35 ILCS 105/2) and Retailers' Occupation Tax Act (35 ILCS 120/1) definitions of "selling price."