Last week we wrote about Philadelphia businesses making history as the state’s first benefit corporations. The good news continues for the city’s sustainable businesses—applications have officially opened for the Sustainable Business Tax Credit.
The tax credit—available for 2012 through 2017—is for up to $4,000 against the gross receipts portion of the Business Income and Receipts Tax. Eligible business must either be a certified B Corporation or meet criteria set by the City. B Corporation certification is given by the nonprofit B Lab for rigorous standards of social and environmental performance, accountability and transparency. Since City Council passed the bill in December 2009, the number of certified B Corporations in the country has grown from 240 to almost 700.
Philadelphia was the first city in the country to create financial incentives for sustainable businesses. Eleven other states have since passed simliar legislation. Applications for the tax credit can be downloaded or found at phila.gov/green.
LIZ PACHECO is the managing editor at Grid.