PHILADELPHIA adopts city policy aimed at sustainable practice: See B Corps Win Healthy Tax Break in Landmark Law, written by Mary Catherine O’Connor and published on Thursday, December 3rd on triplepundit.com
The Philadelphia City Council voted unanimously to pass a bill that creates a new sustainable business tax credit for certified sustainable businesses located in the City of Philadelphia. For tax years 2012 through 2017, 25 eligible businesses shall receive a tax credit of $4,000 to be used against the gross receipts portion of the business privilege tax. Companies can be classified as certified sustainable businesses once they are certified as B Corporations.
Not only does this bode well for B Lab’s efforts to gain governmental recognition for B Corps, it also makes Philadelphia (a city that is already making strides in sustainability) the first city in the country to adopt a financial incentive for sustainable businesses.
And while city laws are still a far cry from state-wide legislation, Philly’s support of B Corps is already generating some momentum among other city councils—specifically in Media and Yonkers, PA.—which are considering similar legislation.