Philadelphia First City to Offer Green Biz Tax Incentives
The City Council of Philadelphia on Thursday voted to give tax breaks to businesses that pass the B Corp Rating System for sustainability.
Philadelphia is the first city in the country to adopt a financial incentive for sustainable businesses.
For tax years 2012 through 2017, 25 eligible businesses will 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 (www.bcorporation.net/).
The B Corp Rating System was created by the non-profit organization B Lab to promote "a new type of corporation which uses the power of business to solve social and environmental problems."
To date, B Lab has certified 240 companies in 28 US states.
B Lab says it only certifies companies that go beyond "good marketing" to truly embrace good corporate values that include the interests of employees, community and the environment.
Some statistics on certified B Corps: