SPRINGFIELD – Legislation expanding an economic development tool known as the River Edge Tax Credit was signed into law by the governor today. The proposal, Senate Bill 3527, was passed through the General Assembly by State Senator Steve Stadelman (D-Rockford) earlier this spring.

While the tax credit was previously available in downtown Rockford, Aurora, Peoria, Elgin and East St. Louis, the new law will expand it across the entire state.

“This tax credit has been a vital tool to spur the economic growth of downtown Rockford,” Stadelman said. “I’m excited about the possibilities that await our state by expanding this credit statewide.”

The credit is equal to 25 percent of the rehabilitation costs for a business in a historic building, with a limit of $15 million total per year that will be administered by the Illinois Department of Natural Resources on a first-come first-serve basis. The program will expire at the end of 2023.
 
In Rockford, it has been used to incentivize projects like the $12 million renovation at the Prairie Street Brewhouse.

Now that it has been signed, Senate Bill 3527 will be effective immediately.

SPRINGFIELD – State Senator Steve Stadelman (D-Rockford) announced today that the Comptroller’s office is releasing the $9.2 million reimbursement grant for the construction of Classroom Building 1 at Rock Valley College.

In 2015, rehabilitation work on the classrooms was halted due to the budget stalemate. In 2016, Rock Valley College opted to restart the construction and pay for it with their own finances. The grant reimburses Rock Valley College for the cost of the completed work.

“The two-year budget impasse negatively impacted every community in our state by delaying payments for vital services and halting money for important capital projects, like this one at Rock Valley College,” Stadelman said. “I’m pleased the state is finally keeping its commitment to Rock Valley College as it continues to improve the learning environment for students and staff in the Rockford community.”

The renovation work included renovating approximately 61,000 square feet in classroom building 1, including upgrading plumbing, lighting and electrical work. It also includes funding for an approximately two-story 21,000 square foot addition.

The Comptroller’s office is expected to release the funds later today.

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SPRINGFIELD – State Senator Steve Stadelman (D-Rockford) joined with both Republicans and Democrats to pass a fully balanced state budget.

“It’s great to see Republicans and Democrats working together to pass a bipartisan, balanced budget,” Stadelman said. “This is how state government should operate.”

Under the budget proposal, which passed the Illinois Senate today with a vote of 56-2, the state finally delivers on a grant promised to pay for the Rockford Airport a few years ago. While the airport is already built and paid for with private loans, the governor froze the grant from previous budgets.

School districts will also receive an additional $350 million. Due to last year’s historic school funding formula reforms needier school districts, including Rockford Public Schools and Harlem School District, will receive a significant increase. 

“This year’s budget furthers our commitment to fixing the broken school funding formula,” Stadelman said. “Rockford-area schools are a clear winner under this plan.”

This year’s budget also increases funding for local governments by $120 million.

“These additional dollars for local governments will prevent a property tax increase and layoffs of first responders,” Stadelman said.

The budget proposal will now head to the Illinois House of Representatives for further consideration.

SPRINGFIELD – State Senator Steve Stadelman (D-Rockford) passed a proposal in the Illinois Senate to seek solutions for skyrocketing credit card debt faced by college students.

While credit cards can be useful for students to purchase school supplies and pay for tuition, students run the risk of running up significant balances that take years to pay down. According to the U.S. Department of Education’s National Center for Education Statistics, in 2016 41 percent of students graduated with credit card debt averaging $3,000.

“Credit cards can be a useful tool for students to pay for necessary items and start building a credit history,” Stadelman said. “Unfortunately, too many students are unaware of the financial pitfalls of using credit cards irresponsibly.”

Stadelman’s proposal, House Bill 4710, creates the College Student Credit Card Marketing and Debt Task Force. The task force will be composed of representatives from credit unions, banks and state universities. The issues it will study include how credit cards are marketed to students, students’ payment history and several other related issues.

Stadelman’s proposal passed the Illinois Senate with a vote of 54-0. It has now passed both chambers of the Illinois General Assembly.