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.

(Watch Pure Politics tonight for more at 7 p.m./6 p.m. Central on Time Warner Cable’s cn|2)

About Nick Storm

Nick Storm is the Anchor and Managing Editor of Pure Politics, the only nightly program dedicated to Kentucky politics. Nick covers all of the political heavyweights and his investigative work brings to light issues that might otherwise go unnoticed, like the connection between the high profile Steubenville, Ohio rape and a Kentucky hacker whose push for further investigation could put him in federal prison. Nick is also working on a feature length bio documentary Outlaw Poet: A documentary on Ron Whitehead. Follow Nick on Twitter @NickStorm_cn2. Nick can be reached at 502-792-1107 or nicholas.storm@charter.com.

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