Bill establishing benefit corporation passes House 58-34
01/14/2014 02:33 PM
Legislation creating a new class of Kentucky companies cleared the full House on Tuesday by a 58-34 vote.
Benefit Corporations are entities that are often as focused on affecting social or environmental change as they are making money. While the House bill is sponsored by Rep. Kelly Flood, D-Lexington, a similar bill is also making its way through the Senate.
And the issue is the top priority for Republican Agriculture Commissioner and possible gubernatorial candidate James Comer .
Although 19 states currently have enacted similar legislation, several House members asked questions aimed at understanding whether creating the new class of corporations could have negative consequences on non-profits and other corporations.
Because benefit corporations would be motivated by profit, Flood said they should not interfere with funding streams for non-profit ventures.
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