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until January 1, 2022, the rate of tax shall be as follows for transactions in which the selling price of the motor vehicle is $15,000 or more: Selling Price Applicable Tax $15,000 - $19,999 $ 750 $20,000 - $24,999 $1,000 $25,000 - $29,999 $1,250 $30,000 and over $1,500 Except as hereinafter provided, beginning on January 1, 2022, the rate of tax shall be as follows for transactions in which the selling price of the motor vehicle is less than $15,000: (1) if one year or less has transpired after the model year of the vehicle, then the applicable tax is $465; (2) if 2 years have transpired after the model year of the motor vehicle, then the applicable tax is $365; (3) if 3 years have transpired after the model year of the motor vehicle, then the applicable tax is $290; (4) if 4 years have transpired after the model year of the motor vehicle, then the applicable tax is $240; (5) if 5 years have transpired after the model year of the motor vehicle, then the applicable tax is $190; (6) if 6 years have transpired after the model year of the motor vehicle, then the applicable tax is $165; (7) if 7 years have transpired after the model year of the motor vehicle, then the applicable tax is $155; SB3019 Enrolled LRB104 20255 HLH 33706 b Public Act 104-0468