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Benefit Corp Legislation
A New Kind Of Corporation
A new economy requires a new kind of corporation. Maryland became the first state to pass Benefit Corp legislation in April 2010. Vermont followed in May. Seven other states are interested for 2011. Read more »
Benefit Corporations are a new class of corporation that are required to create a material positive impact on society and the environment and to meet higher standards of accountability and transparency. Model legislation was drafted by Bill Clark from Drinker Biddle & Reath.
Frequently Asked Questions
Business FAQs and Legal FAQs.
The American Sustainable Business Council is a National Sponsor for Benefit Corporation Legislation
Passed Legislation
California Benefit Corporation
Status: Passed
Sponsors: Huffman
Legislation: AB361
Key Supporters: American Sustainble Business Council, Jonathan Storper, Donald Simon, John Montgomery, SVN, SB-Cal, New Voice of Business, Green Chamber of Commerce, Green America, CAMEO, CAC, Build It Green, ASBC, ACE, CAC, Bay Area Council, Montgomery & Hansen, HansonBridgett , Care2.com, Patagonia, RSF Financial and Green Seal.
Quotes/Testimony: Silicon Valley Leadership Group
Press Coverage: San Francisco Chronicle, B Lab Press Release, Los Angeles Times
New York Benefit Corporation
Status: Passed Senate 62-0 and Assembly 139-0
Sponsors: Speaker Silver (A4692-a) and Sen. Squadron (S79-a)
Legislation: A4692-a and S79-a
Key Supporters: ASBC, Buffalo First, Local First Ithaca, NYS B Corps, Singlebrook Technology,
Quotes/Testimony: Speaker's Press Release
Hawaii Benefit Corporation
Status: Signed July 8th
Sponsors: House: C. Lee, Browner, Carroll, Evans, Hanohano, M. Lee, Morita, Nakashima, Aquino, Awana, Chang, Chong, Choy, Cullen, Hashem, Mizuno, Nishimoto, B. Oshiro, Pine, Tsuji, Yamashita
Senate: Ihara, Chun Oakland, Green, Solomon, Espero, Fukunaga, Gabbard, Galuteria, Ige, Nishihara, Ryan, Slom, Taniguchi, Tokuda, Wakai
Legislation: SB 298
Key Supporters: Gary Hooser
Virginia Benefit Corporation
Status: Signed into law on 03/26/2011 will take effect on 07/01/2011
Sponsors: Jennifer L. McClellan, Robert H. Brink, Benjamin L. Cline, Rosalyn R. Dance, Charniele L. Herring, Kaye Kory L. Scott Lingamfelter
Legislation: HB2358
Key Supporters: Impact Makers
Press Coverage: Richmond BizSense
Maryland Benefit Corporation
Status: Passed April 2010
Sponsors: Sen. Jamie Raskin, Sen. Brian Frosh, Rep. Brian Feldman
Legislation: SB690/HB1009
Key Supporters: Jim Epstein, Michael Shuman
Quotes/Testimony: Sen. Jamie Raskin, Rep. Brian Feldman, Michael Shuman
Helpful Documents: How to Become and Operate as a Benefit Corporation; MD Lawyers Familiar with Benefit Corporation
Vermont Benefit Corporation
Status: Passed May 2010
Sponsors: Sen. Peter Shumlin, Sen, Hinda Miller
Legislation: S.263
Key Supporters: VBSR, VEOC, Merritt & Merritt & Moulton
Quotes/Testimony: Jeffrey Hollender, Seventh Generation, Ben Cohen and Jerry Greenfield, Ben & Jerry's, Jim Feinson, Gardener's Supply Company, Ken Merritt
New Jersey Benefit Corporation
Status: Unanimously passed NJ Senate & Assembly, Signed by Gov. Christie.
Sponsors: Sen. Teresa Ruiz; Sen. Thomas H. Kean, Jr.; Assemblywoman Connie Wagner; Assemblywoman Linda Stender; Assemblyman Jason O'Donnell
Legislation: S2170
Key Supporters: Natural Systems Utilities
Quotes/Testimony: Dominic Kulik, Natural Systems Utilities
Pending Legislation
Colorado Benefit Corporation
Status: Introduced January 13 2011
Sponsors: Sen. Bob Bacon, Rep. Tom Massey
Legislation: SB 11-005
Key Supporters: Alliance for Sustainable Colorado, American Sustainable Business Council
Quotes/Testimony: Not Available
North Carolina Benefit Corporation
Status: Introduced February 1 2011
Sponsors: Sen. Don Vaughan (D-Guilford), Sen. Richard Stevens (R-Wake), and Sen. Ellie Kinnaird (D-Orange) and co-sponsor Sen. Peter Brunstetter (R-Forsyth)
Legislation: SB26
Key Supporters: Redwoods Group
Quotes/Testimony: Not Available
Pennsylvania Benefit Corporation
Status: Introduced February 7 2011
Sponsors: Leach (D), M. White (R), Stack (D), Fontana (D), and Ferlo (D)
Legislation: S 433
Key Supporters: SBN Philadelphia
Quotes/Testimony: B Lab Testimony
Press Coverage: WDUQ News
Michigan Benefit Corporation
Status: Introduced
Sponsors: Senate: Jansen, Hunter, and Pappageorge. House: Schmidt, Barnett, Lipton, Liss, Gilbert, and Meadows
Legislation: S 359, S 360, HB 4615, HB 4616
Key Supporters: TBA
Quotes/Testimony: TBA
Press Coverage: WGVU/NPR
Incentives for Sustainable Business
Philadephia Sustainable Business Tax Credit
Tax and investment incentives and government purchasing preferences will accelerate growth of sustainable business. In December 2009, the City of Philadelphia passed legislation creating the country's first tax break for certified sustainable business. Conversations have begun in Portland, Oregon and Washington D.C. and with several federal agencies. Read more »
Click on the following links to read the actual Philadelphia Sustainable Business Tax Credit Ordinance and supporting B Lab Testimony.
Sponsors: Council Member Jim Kenney
Legislation: Legislation Ordinance 090119-A
Key Supporters: SBN Philadelphia, Greyston Bakery, Untours, Onion Flats, Bill Clark
Quotes/Testimony: B Lab Testimony
Business Week - Read more »
The Huffington Post - Read more »
More Press - Read more »