PACCAR PARTS PACK A PUNCH PAGE 5
ROCKFORD PARK DISTRICT PLAN AND PRIORITIES
GETTING A LIFT THROUGH TRAINING PAGE 14
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THE VOICE IS ONLINE AT ROCKFORDCHAMBER.COM
of the Rockford Business Community
ROCKFORD CHAMBER
Celebration of Leadership Peter Schmeling is a fifth generation member to work for his family’s company, Schmeling Construction. Schmeling, a project manager, is also the third in his family to successfully complete the Rockford Chamber of Commerce’s Leadership program, following his grandfather, Roger and his father, Steve. “Everyone talked about it in the office,”
Peter said. “They said the program was a great networking opportunity and a great way to see the city. They were right.” There were 200 business and community leaders, including program alumni, who turned out for the annual Celebration of Leadership Luncheon at Tebala Event Center on May 10, to recognize Schmeling and other graduates of the program. This year’s class included 41 professionals from local nonprofits, businesses and government agencies. It was the 64th graduating class of Leadership Rockford. In all, 1,810 people have participated from the program since its inception. The keynote speaker for the luncheon was Rockford Fire Department Chief Derek Bergsten. His message stressed the need for mentors and the keys to
JUNE 2018 | Volume 31 | No. 6
The 64th graduating class consisted of 41 professionals from local nonprofits, businesses and government agencies. PHOTOS BY BRIAN THOMAS PHOTOGRAPHY
becoming an effective leader – having plans and goals, being prepared and having a passion to succeed. “The best part about this program is twofold. It’s the people that you meet in the class and the people that you meet in the community,” said Caitlin Pusateri, the chamber’s vice president of leadership development. “More so, it’s the direct access that you have. You get to hear the news from the experts – from the schools, law enforcement and healthcare institutions. This leadership program shows participants how all the pieces fit together in this puzzle. You can see how everyone interacts with one another, and that’s a view you don’t get often.” Continued on page 10
LAURENT HOUSE NOW PART OF FRANK LLOYD WRIGHT TRAIL Laurent House was named by the Illinois Office of Tourism as one of 13 stops along the new Frank Lloyd Wright Trail in Illinois. The famed architect was considered a pioneer of the Usonian home concept, and Laurent House in Rockford and Muirhead Farmhouse in Hampshire are considered two of his best examples. Laurent House at 4646 Spring Brook Road is the only building designed by the famed architect for a person with a disability. Kenneth and Phyllis Laurent commissioned and lived in the home from 1952 until early 2012. Built decades ahead of ADA accessibility requirements, the home features a solar hemicycle footprint, patio, fishpond, carport and outdoor connectivity to the natural landscape. Tours begin at Midway Village Museum. Call 815877-2952.
MARK YOUR CALENDAR! Expo & Luncheon
WOMEN in BUSINESS june 21 • cliffbreakers For more info, see page 31
SPONSORED BY
New opportunity for pass-through income tax avoidance By Andrew J. Welp Savant Capital Management
Visit us online at: rockfordchamber.com ■ online registration ■ keynote speaker video clips ■ event photos ■ list of Chamber events
Questions? 815-987-8100
Join the Chamber’s LinkedIn Group
If you are a business owner who receives “pass-through” income, the Tax Cuts and Jobs Act included a major provision that you need to be aware of and start planning for. The largest take away from the new legislation might be the reduction of the corporate tax rate from 35 to 21 percent. However, this does not help you if your business is set up as a Sole Proprietor, S-Corp, Partnership or certain LLCs. So, in an effort to ensure some uniformity across the different types of taxable entities, the legislation included a new deduction for these non C-Corp business owners.
Businesses Fall Under Two Camps The new Section 199A deduction acts as a means to lower the amount of Qualified Business Income (QBI) that is subject to taxation. In its most basic form, the deduction reduces the
amount of QBI that flows through to the taxpayer’s individual return by 20 percent. However, there are two major limiting factors that may reduce its benefit: How much taxable income the taxpayer has and the type of business being conducted. The type of business being conducted falls into essentially one of two camps: a “specified service trade or business” or a “qualified trade or business.” A specified service trade or business is defined as “any trade or business involving the performance of services in the fields of health, law, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners …” A qualified trade or business is essentially everything outside of the definition of a specified service. The distinction matters, because if you fall Continued on page 20
KEEPING PRESCRIPTION MEDICATIONS OUT OF THE WRONG HANDS To help residents safely dispose of unused and unwanted prescription medications, the Winnebago County Health Department now has a drug take back box available during business hours on the fourth floor at 555 N. Court St., Rockford. “We encourage the community to take advantage of this opportunity to keep their homes and community safe from the misuse of prescription medication,” said Cheryl Floyd of the WCHD. Additional drop-off sites that accept prescription medications include: the City of Rockford Police District Station, Walgreens on Charles Street and Hononegah Road, Winnebago County Sheriff’s Department and the Cherry Valley, Rockton and South Beloit Police Departments.