Illinois Lease Law Chicago, IL

A Lower Lease Tax in Illinois: the Vehicle of Your Dreams is Within Reach

As of January 1, 2015, the state of Illinois took action to lower lease taxes on all new light-duty vehicles. That means that new lessees could pay half as much in taxes as they did last year, which means that you could enjoy lower monthly payments. Whether that means more money in your pocket or leasing a higher trim level or a different vehicle entirely is up to you!

What Changes Were Made to the Illinois Lease Tax?

House Bill 2317, which was signed into law by then-Governor Quinn in May 2014, changes the way that the state of Illinois collects taxes on leases for light-duty vehicles. In the past, lessees were required to pay sales tax for the entire purchase price of the vehicle, but that is no longer case. As of January 1, 2015, new lessees will only have to pay sales tax on their down payment and monthly payments.

Looking to Lease? Contact the Haggerty Auto Group

We’ve told you how the lower lease tax in Illinois can help you, and you can take advantage of the new law when you come to one of the dealerships in the Haggerty Auto Group. Call us at 888-481-5637 or contact us online to explore your leasing options.