What’s New

Illinois State Representative Dan Caulkins visits the bank

Tuesday November 5th Representative Dan Caulkins visited the bank to present a check to the Sangamon Valley CEO program.  The CEO program provides entrepreneurship education to prepare people, especially youth, to be responsible, enterprising individuals who become entrepreneurs or entrepreneurial thinkers and contribute to economic development and sustainable communities.  Lisa Sheppard is the Facilitator for this innovative program.

To learn more about the program click on the link below:

Sangamon Valley CEO Program

 

New Illinois Sales Tax Rule on Vehicle Purchases – Effective January 1, 2020

Illinois currently does not charge sales tax on vehicle trade-in value.  Beginning January 1, 2020 sales tax will be charged on trade-in values above $10,000.  Below is an example of what this tax change will cost.   The example uses an average sales tax rate of 8.74% and uses a trade-in value of $20,000 with a new car price of $35,000.

                                           Before 1-1-2020           After 1-1-2020

New Car Price                        $35,000                        $35,000

Trade-in Tax Credit                $20,000                        $10,000 

Taxable Amount                    $15,000                         $25,000

Sales Tax                              $  1,311                         $  2,185

Tax increase                        $    874   

 

 

About The Gerber State Bank

For well over a century, The Gerber State Bank and its employees have been committed to providing exceptional financial services to its customers and loyal support to its communities. Founded in 1887, The Gerber State Bank is one of the oldest independently owned and operated community banks in Macon County with offices in Argenta and Oreana.  For more information, please call 217-795-2331.