ROCK ISLAND, Illinois -
Hill & Valley knows all about the importance of a $7-million New Market Tax Credit.
That's what the Rock Island bakery received to keep it from leaving Illinois and moving to Texas.
"New market tax credits really tipped it," recalled Hill & Valley President and CEO Doug Davidson, on November 23, 2016. "It made it worthwhile staying."
Reasons why local, state and federal officials are touting a new $45-million infusion into the federal program.
The credits will focus on manufacturing, education, health care and fresh foods.
"This is leading into one of the greatest infusions of capital in this region to create jobs," said Brian Hollenback, administering the credits through the Central States Development Partners.
Hill & Valley tax credits helped to add 50 new jobs while expanding the bakery in Rock Island.
The bakery is bringing new business to the long-shuttered Farmall property.
This $45-million pot will be available for distressed areas in Illinois, Iowa and Indiana.
"When you leverage that, we are literally talking about hundreds of millions of dollars of new investment," said Rep. Cheri Bustos, (D) Illinois.
Hill & Valley is a prime example of the possibilities. Nearly doubling in size and still growing, it's retaining and adding jobs in Rock Island.
"It's becoming exciting for our employees, our customers," said Davidson.
With profit from pies, it's the sweet taste of success. Something this program hopes to repeat.
"Once we sunk this footing into the ground, we're not going anywhere," Davidson concluded.
At Hill & Valley, using a $7-million tax credit to save the business for years to come.