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| FOR IMMEDIATE RELEASE |
| State Rep. Eugene DePasquale |
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DePasquale: B-Corp legislation passes House
HARRISBURG, May 2 – State Rep. Eugene DePasquale, D-York, said legislation he sponsored that would allow for the creation of Benefit Corporations in Pennsylvania unanimously passed the state House today.
House Bill 1616 would allow for the creation of Benefit Corporations, or a corporation organized to provide a general public benefit. A Benefit Corporation has a purpose to benefit society and the environment, while having a traditional purpose of making a profit for its shareholders.
"B-Corps redefine the role of a corporation's directors so they can take a non-financial interest into consideration when making decisions for the corporation," DePasquale said. "This will drive business owners to undertake projects that benefit the public good.
"In today’s challenging economy, charitable causes and nonprofits need support more than ever, and the B-Corp structure provides the option for interested companies to make a positive societal impact on their communities and include those 'for benefit' operations as part of their corporate mission," DePasquale said.
Currently, B-Corp legislation has been enacted in Maryland, Vermont, New Jersey, Virginia, Hawaii, New York and California.
The bill moves to the state Senate for consideration.
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