Honorable John Carona, Chair, Senate Committee On Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB849 by Carona (Relating to social purposes for a for-profit corporation and the consideration of social purposes and other interests by officers and directors of a for-profit corporation.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Business Organizations Code to provide that a for-profit corporation may include "social purposes" in its certificate of formation in addition to its profit interests and purposes.
The Secretary of State indicated there would be no additional filings and no changes in review procedures; therefore, no significant fiscal impact is anticipated.
Local Government Impact
No fiscal implication to units of local government is anticipated.