HB4284 Summary

• Amends Illinois Vehicle Code Section 3-1001 to expand the $15 reduced tax rate for motor vehicle transfers to include inter vivos trusts that became irrevocable upon the death of a grantor, in addition to estate administrations.

• Increases motor vehicle use tax rates effective January 1, 2022 for vehicles under $15,000, ranging from $465 (1 year or less old) to $100 (over 10 years old), replacing the previous age-based schedule.

• Establishes new tax brackets for vehicles $15,000 or more effective January 1, 2022, with rates ranging from $850 ($15,000-$19,999) to $10,100 ($1,000,000+), replacing the previous flat-rate structure.

• Increases the monthly Build Illinois Fund allocation from 1/12 of $5,000,000 to 1/12 of $40,000,000 effective January 1, 2022, with the remainder directed to the General Revenue Fund.

• Takes effect upon becoming law.