Benicia, CA (April 14, 2017) — Yesterday in Sacramento, new Benicia business, Flavor Insights, received CalCompetes approval and State tax credits over 5 years. Flavor Insights is the first Benicia business to receive such an award after a three month, three-part competitive process. The City of Benicia assisted in the application. “Benicia’s economic development program is dedicated to assisting our existing businesses; accessing resources is one of the many services we provide. The success of our businesses insures a thriving Benicia” said Mayor, Elizabeth Patterson. “We are pleased to see the California Competes Committee approve Flavor Insights’ application. This powerful economic development tool will assist them to grow and create prosperity in our community. We are so glad we could be part of their team.”
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.