The Good Economist May 2016 - Page 7

The Good Economist 7

Both pieces of legislation received favorable recommendations out of committee and, once passed, will dramatically expand the tax incentives currently provided to sustainable businesses. In 2009, Philadelphia became the first city to offer a Sustainable Business Tax Credit – a credit that aims to assist existing Certified B Corporations as well as incentivize more businesses to obtain the certification. However, the credit is presently the lowest of any offered by the City of Philadelphia, and is too small to make a meaningful impact on a company’s bottom line. Additionally, the current program is limited to 25 businesses, representing only a small segment of current and potential businesses eligible.

The need for both policies was identified in SBN’s Good Economy Challenge. The Good Economy Challenge is SBN’s issue campaign developed to highlight the importance of a continued focus on the sustainable economy, with small business as a centerpiece. It is intended to engage Philadelphia’s sustainable business owners, employees, customers, and allies in support of a thriving local economy.

Nominations are Open!

SustainPHL will accept nominations for those individuals, businesses, nonprofit, and civic/government organizations.

Submissions for nominees should exemplify individuals and organizations who are forwarding sustainability in the greater Philadelphia area. Nominees may make an impact on the environment, social impact or civic causes. Find out more details here.

Submissions will close Thursday, June 2, 2016 at 8 PM ET.