Philadelphia, February 1, 2013– The City of Philadelphia released the application for the Sustainable Business Tax Credit, created by legislation sponsored by Councilman James Kenney and passed by City Council in December 2009. Though the bill was passed in 2009, the ordinance’s language says that the tax credit will be available for tax years 2012 through 2017, and 25 eligible businesses will receive a tax credit of up to $4,000 against the gross receipts portion of the Business Income and Receipts Tax. Businesses may qualify by obtaining B Corporation certification or meeting a list of criteria set by City regulations. The Sustainable Business Tax Credit Pending Regulations and Sustainable Business Tax Credit Application are available on the Mayor’s Office of Sustainability website atwww.phila.gov/green.
Philadelphia was the first city in America to adopt a financial incentive for sustainable businesses. The credit formally acknowledges sustainable business practices in Philadelphia and encourages the growth of the local clean economy. Supporting the clean economy will help the City reach its sustainability goals outlined in Greenworks Philadelphia.
“The City of Philadelphia is pleased to offer an innovative incentive that promotes the local clean economy and creates an attractive and supportive environment for sustainable business practices,” said Mayor Michael A. Nutter. “We value the work of sustainable businesses and hope this credit encourages the expansion of sustainable practices in Philadelphia.”
Since the bill passed in 2009, Pennsylvania and 11 other states have adopted laws supporting sustainable businesses and the B Corporation standard, and the number of certified B Corporations has grown from 240 to 688. For more information on B Corporations, visitwww.bcorporation.net.