Congratulations to the City Council of Philadelphia for unanimously voting to offer tax breaks to all B Corps located in the city. Turns out, research revealed that most B Corps are also contributing to the improvement of the city and the overall reduction of greenhouse gases. Making things official is a brilliant move on the part of Mayor Nutter and his Council to attract hip, pro-social enterprise to Philly.
It’s tax time, so maybe you want to know more about how B corp wins in return?
B corps can qualify for Sustainable Business Tax Credit. There are rules, of course. In Philly, your business has to be located in the City of Philadelphia. Next, “For tax years 2012 through 2017, 25 eligible sustainable businesses shall receive a tax credit of $4,000 to be used against the gross receipts portion of the Business Privilege Tax.” That means you’ve got to hurry up and get your B Corp certified as a sustainable business to get one of those 25 spots.
According to TreeHugger.com, when the City Council of Philadelphia began looking at the B Corps already located within the city, they found a group that is already heavy into green energy, giving back to the community and promoting “practice what you preach.” Here’s what else they found:
– 72% of B Corps use renewable energy
– 51% percent have public transit or carpooling incentives
– They are 30 times more likely to be located in green buildings
– 82% have programs for community volunteering
– 74% are affiliated with a local charity and are 30 times more likely to donate at least 10% of their income to charity
– 9 out of 10 are locally owned and are 3 times more likely to be owned by women or minorities
– 44% offer some form of employee ownership
– Twice as likely to offer health insurance and retirement plans
– 25% are saving money thanks to their B Certification