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Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," to reinstate and revise the Sustainable Business Tax Credit by increasing the total tax credit amount, by extending the tax year through which the tax credit is made available, and by increasing the number of businesses eligible to receive the tax credit; all under certain terms and conditions.
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WHEREAS, The City of Philadelphia enacted a Sustainable Business Tax Credit in 2009 designed to assist existing B Corps certified businesses and incentivize more businesses to complete B Corps certification; and
WHEREAS, The creation of the Sustainable Business Tax Credit recognized that B Corps certified businesses are desirable for the City because they are overwhelmingly locally owned, twice as likely to offer health insurance and retirement plans, three times more likely to be owned by minorities or women, and thirty times more likely to donate at least ten percent of profits to charity than other businesses; and a significant portion offer some form of employee ownership; and
WHEREAS, According to previous recommendations by the Sustainable Business Network of Greater Philadelphia, the former Sustainable Business Tax Credit failed to adequately assist existing B Corps-certified businesses and encourage B Corps business certification because the available credit for each qualifying business was too small to have a meaningful effect on a business's financial bottom line, the cap of seventy five businesses excluded a significant portion of existing sustainable businesses and discouraged continued Sustainable Business growth; and
WHEREAS, The increase of the tax credit amount and the number of credits available will better fulfill the Sustainable Business Tax Credit's purpose to support existing Sustainable Businesses and encourage additional businesses to adopt sustainable practices in Philadelphia; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA...
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