McNamara joins Stadelman on behalf of River Edge Tax Credit
 
Rockford Mayor Tom McNamara joined State Senator Steve Stadelman in the Illinois Senate Revenue Committee to testify in support of legislation to making investing in downtown Rockford easier for developers. Senate Bill 3527, introduced by Stadelman, adjusts River Edge Zones in Rockford, Aurora, East St. Louis, Elgin and Peoria to provide additional incentives for redeveloping these communities.
 
“These tax credits have a proven record of spurring economic growth in areas like downtown Rockford,” Stadelman said. “These additional changes will promote even more economic development in our communities.”
 
Under Stadelman’s proposal, developers would be eligible for a one-time 25 percent credit of the eligible expenses of the project. They would also be subject to additional oversight to ensure they qualify for the tax credits.
Stadelman's bill will now be heard by the Illinois House of Representatives, having been approved by the full Senate this week.

Stadelman proposal to educate students on college debt advances

College students would be able to make more informed decisions about financing their education under a measure State Senator Steve Stadelman passed this week. Stadelman’s proposal, Senate Bill 2559, creates a three-year pilot program that requires each public university and community college to send an annual letter detailing the current loan and annual repayment amounts to all students with college loans.

“Every year, thousands of Illinois students graduate from college and are faced with tens of thousands of dollars in student loans. For many of these students, it’s the first time they completely realize the full expense of their education,” Stadelman said. “This proposal ensures students know up-front how much they will owe and gives them the information to make smart financial decisions early to save money in the long run.”

Student loan debt in the United States has skyrocketed from $833 billion to an all-time high of $1.4 trillion, according to recent studies. On average, college students graduate with more than $34,000 in debt, up 62 percent in the last decade.
In 2012, Indiana University began sending new and returning students a letter projecting the amount of debt they were expected to graduate with, along with what their monthly payments would be. After implementing this system, the university saw a decline in the amount of education loans taken out by students. The state of Indiana passed a similar law to cover all state universities and community colleges in 2015.

Stadelman’s bill passed the full Senate with a vote of 51-1. It will now move to be heard in the Illinois House of Representatives.

Stadelman delivers state honors for RAMI winners

For a fourth consecutive year, State Senator Steve Stadelman awarded Certificates of Recognition from the Illinois Senate to recipients of the annual Rockford Area Music Industry awards. Stadelman also presented RAMIs in the People's Choice category for Special Event and Artist of the Year, the later going to the band On My Six, whose members -- Stu Kuhlman, Rick Soeprasetyo, Joshua Creviston, Daniel Adams and Lucas Dwyer -- are pictured with Stadelman backstage.