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News – Monday, June 3, 2024
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FY 2024-27, Rate Change for Out-of-State Depreciation on Motor Vehicle Use Tax, Effective July 1, 2024
For motor vehicles brought into Illinois on or after July 1, 2024, the presumed average life expectancy of such motor vehicle is 60 months, and the depreciation rate is 1.67 percent (.0167) for each whole month of out-of-State use.
See FY 2024-27, Rate Change for Out-of-State Depreciation on Motor Vehicle Use Tax, Effective July 1, 2024 for more information.