The California Competes Tax Credit
was created by Governor Brown to focus on helping
businesses grow and stay
in California. This application period,
January 2017, the Committee approved over $91 million in tax credits to 114 California businesses.
Flavor Insights is a start-up
for serial entrepreneur,
Greg Pickett and family. Recently featured
in the
SF Chronicle, Flavor Insights
is the Bay Area’s sole flavor factory and one of a few using a new spray-dry technology. Flavor
Insights works as a critical
partner with its customers to create product ideas, formulate organic,
natural and artificial flavors
that produce healthier and superior
tasting products. The U.S.
flavor and fragrance industry
is estimated at $7 billion annually and with
major companies like General
Mills swearing off artificial ingredients, the demand for natural flavoring is higher
than ever.
"We greatly
appreciate the City
of Benicia taking the initiative
to introduce us to this resource and then work closely with us to submit the
application - what City does that?" said Brenda Quast, VP Finance. "As
an up-and-coming startup
company, Flavor Insights
is very excited to have been approved for this
tax credit which will
help us to grow and invest in new product development. We greatly appreciate these
efforts to support California small
businesses."
About California Competes
The California Competes
tax credit is part of
the
Governor’s Economic Development Initiative (GEDI) which Governor
Brown signed legislation to enact in 2013
(AB 93 and SB 90).
GO-Biz evaluates the most
competitive applications based on
the factors required by statute,
including total jobs created, total investment, average wage, economic impact, strategic
importance and more.
Companies are exempted
from paying state income
taxes in the amount awarded.
About City of Benicia
The
City of Benicia, a Bay Area waterfront
city, and California’s third State Capitol
in 1853, has the
largest, 3,000 acre, port-based industrial park, at the junction of
I-680 & I-780 in Solano County. Benicia’s Economic
Development Division works closely with existing business
helping them access resources, such as, CalCompetes programs. “The Benicia Industrial
Park is home to more than 450 businesses, we want them
all to prosper” said Acting Deputy City Manager/Economic Development Manager,
Mario Giuliani
