TRENTON – A bill sponsored by Senator M. Teresa Ruiz (D-Essex/Union) to create a new type of corporate structure in New Jersey that allows for-profit companies to organize in a way that promotes their social or environmental mission was approved today by the Senate Budget and Appropriations Committee.
“Many companies participate in philanthropic activities, but giving a business the ability to define itself as an entity with a specific mission of improving education or protecting the environment will give it a competitive edge,” said Senator Ruiz. “This allows businesses to boost their bottom line while at the same time working to promote the public good.”