American Companies Losing “Green” Money

Dishwashing Liquid, DisinfectantU.S. companies are shooting themselves in the foot, so to speak, by not taking advantage of the tax breaks which are now currently available for ecologically friendly practices and green restructuring programs. In the past, U.S. companies have really only had an incentive to go green by improving their consumer image and their overall responsibility reputation. However, the U.S. government (and lobbyists who are pulling for the environment, thus creating incentives) is offering further incentives through corporate restructuring which will lead to tax cuts or complete tax breaks, depending upon how much effort is put into this movement.

What sort of tax considerations are being offered? According to Paul Naumoff, anything from reducing carbon emissions, to offsetting carbon emissions, choosing alternative fuel, choosing renewable energy, and initiating green innovations are all possibilities for pulling in some tax considerations. Paul Naumoff pointed out that a company needs to have their tax department keep track of their assets and renewable resources, documenting what is being done on behalf of the environment, and making note of cheap, cost-effective ways to bring in some more tax cuts, because otherwise a company is simply wasting money when they could be taking advantage of these financial opportunities.

According to a survey titled “Working Together: Linking sustainability and tax to reduce the cost of implementing sustainability initiatives,” over ninety percent of the chief sustainability officers in many companies interviewed all believed that their company offered sustainability practices to their employees, while only twenty eight percent of the tax directors in these same companies believed the same thing. This shows that many U.S. companies are not coordinating their efforts internally, thus leading to lower cost of initiating green movements, and incentivizing themselves and others to do more of the same.

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