EITC
Pennsylvania Educational Improvement Tax Credit Program (EITC)
Tax credits to eligible businesses contributing to a Scholarship Organization
(In the Prep's case - Pennsylvania Jesuit High Schools, PJHS)
Eligibility:
Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes: Corporate Net Income Tax, Capital Stock Franchise Tax, Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; Mutual Thrift Institution Tax; or Personal Income Tax of S corporation shareholders or Partnership partners.
Uses:
Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.
Where to Apply:
DCED Center for Business Financing, Tax Credit Division, 4th Floor, Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120: (717) 787-7120 or tknorr@state.pa.us. Applications are approved on a first-come-first-served basis by date received. Online: look up newpa.com and search for EITC. The site fully explains the program.
Amounts:
Tax credits equal to 75% of its contribution up to a maximum of $300,000 per taxable year; Can be increased to 90% of the contribution, if business agrees to provide same amount for two consecutive tax years.
Terms:
An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter; Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and is not refundable or transferable.
Examples:
EITC Manual and Application>> **Please use the application in Appendix I-SO on page 7**
Contact:
Cecilia Biello
Director of Annual Giving
cbiello@sjprep.org
P: 215-867-1016
F: 267-515-6000