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RUT-5, Private Party Vehicle Use Tax Chart for 2023R1122

RUT-5, Private Party Vehicle Use Tax Chart for 2023R1122 2025

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The document outlines the Illinois Private Party Vehicle Use Tax for 2025, detailing tax rates based on the purchase price or fair market value of motor vehicles. It includes two tables: Table A for vehicles valued under $15,000 and Table B for those valued at $15,000 or more, specifying tax amounts according to vehicle age and price brackets. Additionally, it lists exemptions and exceptions that may apply, such as tax exemptions for certain organizations and specific vehicle transfers. The document serves as a guide for completing Form RUT-50.

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What is the 10.25 tax in Illinois?

The Chicago sales tax rate is 10.25%. This includes State 6.25%, County 1.75%, City 1.25% and Special 1%. Therefore, all Illinois orders are charged Chicagos sales tax rate.

How much is the heavy vehicle use tax?

HVUT TAX CALCULATION Gross Taxable weightHeavy Vahicle Use Tax Rates Below 55,000 lbs No Tax 55,000 - 75,000 lbs $100 plus $22 per 1,000 pounds over 55,000 lbs Over 75,000 lbs $550

How is personal use of company vehicle taxed?

Under IRS general rules, all use of a company car is considered personal use unless the employee documents the business use of the car. Personal use of a company vehicle (PUCC) generally results in taxable wages for the employee.

What is Rut 50 vehicle tax in Illinois?

Any transaction involving the transfer of a motor vehicle from one person(s) to another must be accompanied by a completed Tax Form RUT-50 (Private Party Vehicle Tax Transaction).