IL SB0058

Amends the Use Tax Act and Retailers' Occupation Tax Act to modify trade-in allowances for motor vehicles, excluding the trade-in value from "selling price" beginning January 1, 2022, reversing a temporary 2020-2021 policy that had included trade-in values over $10,000 for First Division vehicles.

Adds a new definition of "utility trailer" to the Illinois Vehicle Code for trailers weighing under 2,000 pounds used for personal, non-commercial purposes.

Establishes a new Class UT trailer registration with a $36 annual fee for utility trailers weighing 2,000 pounds or less, and reduces the Class TA trailer fee from $118 to $36.

Increases certificate of title fees for most motor vehicles from $150 to $155 effective immediately, while maintaining separate higher fees for motor homes, mini motor homes, and van campers at $250.

Increases motor vehicle use tax rates beginning January 1, 2022, with higher fixed taxes based on vehicle age and selling price, and increases the monthly deposit to the Build Illinois Fund from $5,000,000 to $40,000,000.