Failure to end budget impasse frustrates Stadelman
The deadline to approve a state budget without a three-fifths super-majority passed this week, leaving open the possibility of Illinois heading into a third consecutive fiscal year absent a spending plan.
"I'm disappointed the Governor and lawmakers failed to reach a budget agreement before the end of the spring session,"Stadelman said. "Every day there's no budget the state takes on $11 million more in debt. We need to continue negotiating so schools can open this fall and government can continue to operate."
Overtime session dates are expected to scheduled for later this month. Illinois begins its fiscal year July 1.
Stadelman votes for property tax freeze
State Senator Steve Stadelman voted this week for two measures imposing a two-year property tax freeze. Senate Bill 482 freezes property taxes for two years for all units of local government except school districts, while Senate Bill 484 is a two-year property tax freeze on all school districts not eligible for a financial hardship exemption as defined by the legislation.
"I know that the people of Illinois are suffering under the highest property tax rates in the country," Stadelman said. "While a permanent tax freeze would be detrimental to school districts that rely on the property tax, I am hopeful this freeze will provide some relief while making sure underserved school districts are not harmed."
SB 482 passed the Senate 38-11-9 and SB 484 passed 37-11-9. Both are headed to the House for consideration.
River Edge Historic Tax Credit extension heads to governor's desk
An extension of the River Edge Historic Preservation Tax Credit has passed both legislative houses and is headed to the governor for approval. State Senator Steve Stadelman won passage of legislation this week, extending the urban redevelopment incentive for four more years starting in January 2018.
"The tax credit has already spurred hundreds of millions of dollars of development in Rockford alone," Stadelman said. "This will help put crumbling infrastructure back to use, grow the economy and increase revenue."
The credit, equal to 25 percent of the rehabilitation costs for a business in a historic building, has been an important economic tool for downtown Rockford projects like the $12 million renovation at the Prairie Street Brewhouse. In addition to Rockford, the credit is also available in Aurora, Peoria, Elgin and East St. Louis.