Sterling lobbyist files state bills for designation offering up to $50M in economic development incentives
Feb. 20—STERLING — Lobbyist Matt Hughes of MRH Solutions has filed two state bills as part of his strategy to secure a designation that, if approved, could provide millions of dollars in additional funding for city development in Sterling.
Hughes told the Sterling City Council on Tuesday that he has filed Senate Bill 1309 and House Bill 1919 to help secure a River Edge Redevelopment Zone designation. However, he said the legislative process would not fully get underway until after Gov. JB Pritzker delivered his 2025 budget address Wednesday.
"I suspect that our bills will be assigned to committees sometime in the next couple of weeks, which will require the city to testify on behalf of the merits of the bill," Hughes said. "I'm happy to handle that for you guys, and also help the city in that testimony process, and work with the committees on your behalf to try to get the bills passed."
Hughes said the bills must be out of committee in both the House and Senate by Friday, March 21, and must pass both chambers by Friday, April 11. He said the city of Alton also has been added to the legislation per recommendations from Rep. Maurice West.
The River Edge Redevelopment Zone Act is legislation encouraging economic growth through redevelopment and revitalization projects that are typically in areas along waterfronts. RERZ provides tax incentives for investors and municipalities. If approved, it could provide almost $50 million in tax incentives through the riverfront work the city already has started.
According to the Department of Commerce and Economic Opportunity, once a city is designated, certain areas are allocated as a "River Edge Redevelopment Zone." Investors and businesses that develop in these zones are eligible for several tax incentives, including property tax abatements and sales tax exemptions.
If approved, the designation could mean years of additional growth and funding for Sterling.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
How the $1,000 ‘Trump accounts' for American babies compare to 529s and custodial Roth IRAs
President Donald Trump and American business leaders this week celebrated a provision in his tax bill that would create and fund investment accounts for babies born in the next few years. The accounts would be allowed to compound and grow tax-deferred, similar to the way some retirement accounts work. 'In addition to the substantial financial benefits of investing early in life, extensive research shows that children with savings accounts are more likely to graduate high school and college, buy a home, start a business and are less likely to be incarcerated,' Trump said. 'Trump accounts will contribute to the lifelong success of millions of newborn babies.' Here's what you should know about these 'baby 401(k)s' and how they compare to other savings plans for children. The so-called Trump accounts are part of Trump's 'One Big Beautiful Bill Act' that passed through the House of Representatives last month. Republicans are aiming to get the bill through the Senate and signed by Trump by July 4th. Here's how the accounts would work: The federal government would contribute $1,000 to an investment account for every American baby born between Jan. 1, 2025, and Dec. 31, 2028. An additional $5,000 in after-tax contributions could be made annually to the accounts by parents, employers or other private entities. The money would be invested in index funds that track the overall U.S. stock market. Accounts would be controlled by a child's legal guardians until age 18. Earnings would grow tax-deferred and qualified withdrawals would be taxed at the long-term capital gains rate. 'The compounded growth of an initial $1,000 investment at the time of birth, at an average annual return of 8 percent, would amount to nearly $4,000 by age 18, more than $10,000 by age 30, and over $148,000 by age 65,' according to Bankrate Chief Financial Analyst Greg McBride. 'The key to achieving this type of growth is leaving the money untouched. As Warren Buffett espouses, 'Never interrupt compounding.'' Several business leaders praised the accounts and said they'd make contributions to their employee's kids' accounts. 'We see … the establishment of these Trump Accounts as a simple yet powerful way to transform lives,' Dell Technologies CEO Michael Dell said. 'Decades of research has shown that giving children a financial head start profoundly impacts their long-term success.' Get started: Match with an advisor who can help you achieve your financial goals Trump Accounts have some similarities with 529 savings plans, but there are some notable differences. Funding: Trump accounts would be initially funded by the federal government, while 529 plans are typically funded by parents, grandparents or other relatives. Withdrawals: Withdrawals from 529 plans are tax-free as long as they're used for qualified educational expenses. Withdrawals from Trump accounts would have fewer restrictions on their uses, but are taxed at long-term capital gains rates. Contribution limits: Annual contributions for Trump accounts would be limited to $5,000, while 529 plans allow for much higher limits, from about $235,000 to more than $600,000, depending on the state that sponsors the plan (these are lifetime limits; there's no annual limit for 529s). Many people assume that the maximum 529 plan contribution is $19,000 per child in 2025 — or $38,000 if you file jointly — but that's the maximum amount you can contribute without exceeding the annual gift tax limit. (If you give someone more than that limit in any given year, then you're required to file a gift tax return, though you likely still won't owe taxes on the gift.) Here's what else you should know about using a 529 plan to save for your kids' education. Compare advisors: Bankrate's list of the best financial advisors Custodial Roth IRAs also allow kids to set aside money and have it be invested so it grows over time. Here's how they compare to the proposed Trump accounts. Earned income requirement: Trump accounts would be funded at birth and allow for additional contributions each year, while custodial Roth IRAs require a child to have earned income during the year in order to contribute. Contribution limits: Custodial Roth IRA contributions are limited to $7,000 in 2025, or the total amount of earned income a child has during the year, whichever is less. Trump accounts would allow for annual contributions of $5,000. Taxes on withdrawals: Withdrawals from Roth IRAs during retirement are tax-free, while withdrawals from the proposed Trump accounts would be taxed at the long-term capital gains rate. Here's more on custodial Roth IRAs. The proposed Trump Accounts would create new investment accounts for every American baby born in the next few years, funded with $1,000 from the federal government. The accounts would be invested in index funds that track the U.S. stock market and could receive additional contributions each year of $5,000 from private entities. The plan is subject to change as the bill makes its way through the legislative process. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Senate Begins Passage of Stablecoin Bill as House Marks Market-Structure Wins
The U.S. Senate took the initial steps toward final approval of its first major crypto legislation as members opened voting Wednesday on the bill to set standards for U.S. stablecoin issuers, clearing the highest procedural hurdle with a 68-30 result. In a moment that will mark the industry's greatest U.S. policy success to-date, the famously slow-moving Senate is on its way to clearing the legislation with wide bipartisan support. And as the crypto world watches the Senate reverse what had long been a crypto-resistant stance, the House of Representatives has also scored a pair of key votes to advance legislation even more vital to the industry: the Digital Asset Market Clarity Act that would establish a full set of rules managing U.S. oversight of the crypto markets. In the Senate, the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act is the much-revised bill that had already garnered bipartisan approvals in multiple procedural votes and is now on what's expected to be an inevitable path Wednesday. The Senate needed to clear the high bar of 60 votes to move to the final vote, which was easily obtained as many Democrats joined Republicans in pushing forward toward stablecoin regulation. The bill would establish a system under which stablecoins can be issued in the U.S. under the watch of state or federal regulators, and leaving some avenues for non-financial corporations to launch their own coins (a point of criticism from Democrats). Regulating these assets is fundamental to the operations of the crypto markets, in which dollar-based tokens such as Circle's USDC and Tether's USDT are routinely used in transactions and contracts. In the previous congressional session, what was then the Democrat-run Senate Banking Committee stood in the way of advancing crypto legislation, but its current Republican chairman, Senator Tim Scott of South Carolina, has become a crypto advocate. The chamber's overall pro-crypto sentiment has been growing stronger in this session and will be further cemented by Wednesday's votes. Before Wednesday's voting, the GENIUS Act's sponsor, Senator Bill Hagerty, asked his colleagues for support on the bill."This would strengthen our fiscal position and cement the dollar's status as the world's reserve currency," Hagerty argued. "If we fail to act now, not only will these benefits slip away, we'll also fall behind in global competitiveness without a regulatory Senator Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, took to the Senate floor to blast the GENIUS Act. "The GENIUS Act lacks the basic safeguards necessary to ensure that stable coins don't blow up our entire financial system," the Massachusetts senator said. "The bill permits stablecoin issuers to invest in risky assets and allows them to engage in risky non-stablecoin activities like private credit or derivatives trading."Warren had a sharp message for fellow members of her party, many of whom were set to support the bill, that they "should show a little spine" and insist that Republicans allow some of the amendments pushed earlier by Democrats. When the stablecoin bill is forwarded to the House, that leaves key decision in the hands of leaders there, whether to pair the GENIUS Act with the market structure effort, or to pursue it either as a straight-up vote on the Senate's version or a more complex process of melding the Senate's language with legislation already in the works in the House. Whatever happens, the House will need to match the Senate's approval at some point before a stablecoin bill can move to the president's desk to be signed into law. While the GENIUS Act advanced, it followed a day of successes for proponents of the Clarity Act in the House, where that bill cleared the House Financial Services Committee and the House Ag Committee with big bipartisan votes in the same day on Tuesday. Crypto lobbyists in Washington argue alongside their lawmakers allies that both bills are needed to properly regulate the industry in the while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
an hour ago
- Yahoo
Connecticut's Ban Throws Water on 2025 Trend of States Setting Up Crypto Investments
Going against the recent trend of state governments in the U.S. pursuing cryptocurrency investments, the Connecticut General Assembly has thrown down a ban against that New England state following suit, even as others pursue digital assets reserves in their fiscal strategies. According to unanimous decisions in both its House and Senate, Connecticut passed a bill this week that blocks any part of the state's government from an ability to "purchase, hold, invest in or establish a reserve of virtual currency," and it also prohibits accepting crypto payments. This runs counter to efforts in states such as New Hampshire and Texas, which are moving toward establishing reserves that echo the intent of President Donald Trump's administration at the federal level. The lawmakers in Connecticut, which ranks in the middle of the pack among state economies, also tightened rules for crypto firms working under the state's money-transmitter license. After Trump issued an order to his administration in March to establish a reserve of bitcoin BTC, a long list of states jumped toward similar actions, though many of them were stymied by opposition or expiring legislative windows. New Hampshire was the first to cross the finish line. Texas has a similar bill awaiting a signature from Governor Greg Abbott, and Arizona also approved a more modest approach to setting aside unclaimed digital assets in a reserve. "As legislative sessions wrap up across the country, we're proud of the incredible momentum behind pro-Bitcoin and digital asset legislation," said Dennis Porter, the founder of the Satoshi Action Fund that's been advocating for state lawmakers to establish reserves. "Unfortunately, Connecticut has chosen to reject this opportunity—for now. But we remain optimistic. As more states embrace Bitcoin and see the benefits firsthand, we're confident Connecticut will follow suit." Porter said North Carolina and Ohio are both still a possibility for reserves this year. The federal government hasn't yet moved assets into a reserve. The relevant agencies, led by the Department of the Treasury, have been seeking to account for all of the digital assets held in various corners of the public sector. Once complete, Trump had directed all existing crypto be set aside as a long-term investment but that no taxpayer money be spent to acquire anything more than the government has seized in civil and criminal matters. Bo Hines, one of Trump's top crypto advisers, said at Consensus 2025 in Toronto that there are a lot of ideas on the table for acquiring more bitcoin in budget-neutral ways. In other state crypto legislative matters, California's lawmakers have been working on legislation that could allow digital assets payments in a state pilot program. The bill passed unanimously in its House and was forwarded to the Senate last week.
