A committee spokesman said the panel approved the measure unanimously, by voice vote, during a closed meeting. The legislation is expected to come before the full House as soon as late April, after lawmakers return from a two-week early April recess.
Similar legislation is making its way through the US Senate and backers of both bills say they have a good chance of passing after repeated setbacks.
The House bill has been in the works for five years, and previous versions have stalled before becoming law, largely due to concerns by privacy advocates worried that they could lead to more surveillance.
The measure offers corporations liability protection if they share information through a civilian portal, most likely to be run by the Department of Homeland Security. Data handed over also would be "scrubbed" twice to remove personal information.
US corporations have been clamouring for more protection against cyber-attacks, but they also worry about potential lawsuits if they hand information over to government investigators.
Many Americans, meanwhile, have become hugely concerned about the government's access to their private data, particularly since 2013 disclosures by former National Security Agency contractor Edward Snowden about the bulk collection of citizens' telephone records.
© Thomson Reuters 2015