The Sustainable Business Tax Credit passed back in 2009 is now in effect. According to the ordinance, 25 B corporations may receive Philadelphia tax credits for tax years 2012 – 2017. The credit to each qualifying businesses could go as high $4,000 against their gross receipts portion of the city’s business income and receipts tax.
The “B” in B corporations stands for contributing recognizable, sustainable benefits to the community. These are businesses, which give substantial consideration to employee, community and environmental interests in their practices, products, and services.
“The City of Philadelphia is pleased to offer an innovative incentive,” stated Mayor Nutter, “that promotes the local clean economy and creates an attractive and supportive environment for sustainable business practices. We value the work of sustainable businesses and hope this credit encourages the expansion of sustainable practices in Philadelphia.”
Credit for the local bill goes to its sponsor Councilman James Kenney. Since its passage, Pennsylvania and 11 other states have adopted laws supporting sustainable businesses and the B corporation standard. The number of B corporations has risen to 688, up from 240.
Local B corporations are invited to apply for tax credits at www.phila.gov/green or call 215.686.3495 or e-mail email@example.com to reach the Mayor’s Office of Sustainability located on the 13th floor of 1515 Arch Street in Center City Philadelphia. B corporations are defined by current certifications from the B Lab Company, a Pennsylvania non-profit corporation at www.bcorporation.net. Or, companies can satisfy the list of criteria outlined in city regulations where b corps are defined by the line and conduct of the business and the benefits provided by the core business.
Again, for further details, visit www.phila.gov/green.
All rights to this article are reserved by Gloria Blakely. Copyright 2013.