(625 ILCS 5/3-2001)
(from Ch. 95 1/2, par. 3-2001)
Until July 1, 2003, a tax of $200 is hereby imposed on the
purchase of any
passenger car as defined in Section 1-157 of this Code, purchased in
Illinois by or on behalf of an insurance company to replace a passenger
car of an insured person in settlement of a total loss claim.
The tax imposed by this Section shall apply only to that portion of the
purchase price of the replacement vehicle paid by the insurance company in
settlement of the total loss claim, but not including any portion of such
insurance payment which exceeds the market value of the total loss vehicle.
(Source: P.A. 93-24, eff. 6-20-03.)