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Stadelman expansion of River Edge Tax Credit signed into law

stadelman 072618SPRINGFIELD – 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.”

Stadelman seeks to cut down student credit card debt

creditcards 052118SPRINGFIELD – State Senator Steve Stadelman (D-Rockford) passed a proposal through 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.

Stadelman backs proposal to prevent prescription price gouging

stadelman 051618 2SPRINGFIELD – To help combat recent reports of drug price gouging in Rockford, State Senator Steve Stadelman (D-Rockford) today voiced support of a proposal that will prohibit drug manufacturers and wholesale distributors from drastically increasing the price of generic medications.

Stadelman, who is a co-sponsor of House Bill 4099, was joined by colleagues from the Illinois House and Senate, as well as representatives from the NAACP and AARP.

According to recent news stories, Mallinckrodt Pharmaceuticals Inc. increased the price of a vial of Acthar, a prescription to treat babies suffering from a rare seizure disorder, from $40 to $54,000 per vial. The city of Rockford, which is self-insured, was forced to pay nearly $490,000 when two babies of city employees needed the vital prescription.

“These drug companies are exploiting sick babies and their families,” Stadelman said. “As a result of these irresponsible actions by the drug company, Rockford taxpayers are forced to pay nearly half a million dollars that could have paid for crucial city projects. It’s time to put a stop to these reckless actions.”

Under the proposal, companies that increase prices of generic or off-patent drugs by more than 30 percent in one year, 50 percent in three years or 75 percent in five years, could be forced to pay a fine of $10,000 per violation. The legislation is currently in the Illinois Senate Subcommittee on Business Entities.

Stadelman proposal to increase transparency on car rental agreements passes Senate

stadelman 051118SPRINGFIELD – With the increase of cashless tolls in Illinois, State Senator Steve Stadelman (D-Rockford) advanced a proposal that offers protection for rental car drivers. After returning a rental car, many drivers may be surprised to find they were charged additional fees for a tollway collection device, similar to an I-PASS. Stadelman advanced a proposal through the Illinois Senate this week to allow rental car drivers to opt out of these devices.

“Drivers deserve to be aware of the option to use these costly tollway devices up front, instead of finding out about these costly fees later,” Stadelman said.

Under Stadelman’s proposal, rental car companies must provide renters the option of using the tollway collection device. If a company fails to offer a customer the ability to opt-out, the fees are capped at $2 per day that the device is used, in addition to the cost of the tolls.

“Many drivers are unaware they can avoid paying these fees by using their own transponders, paying cash or paying the fees online,” Stadelman said. “Informing them they have the option to opt out will help them make the most financially beneficial decision.”

Stadelman’s proposal, Senate Bill 2522, passed through the Illinois Senate with a vote of 49-0. It will now head to the Illinois House of Representatives.

Sen. Steve Stadelman

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34th Legislative District

Years served: 2013 - Present

Committee assignments: Financial Institutions; Higher Education; Public Health; Revenue; Telecommunications & InfoTechnology (Chairperson); Transportation.

Biography: Earned a bachelor's degree in journalism from the University of Wisconsin-Madison. Worked as a news anchor/reporter for WTVO-Channel 17 for 25 years, In 2003, his coverage of the state's death penalty earned him an Associated Press award for Best Documentary.

Associated Representatives:
John M. Cabello
Maurice A. West II