Did you know that your business could receive a 90% tax credit? Offered by the Pennsylvania Department of Community and Economic Development, the Educational Improvement Tax Credit Program (EITC) allows PA businesses to receive tax credits when they contribute to qualified schools such as United Friends School. The deadline to apply is July 1. At United Friends, EITC monies help to fund our scholarship program to enable children from low-income families to participate in our inspiring, stellar academic program.
Your business will receive a 90% tax credit if you sign up for two years in the program and a 75% tax credit if you sign up for one year. Eligible businesses can receive up to $300,000 in tax credits per taxable year.
Eligibility for participation includes businesses authorized to do business in Pennsylvania who pay 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.
Businesses wishing to apply can go to www.newpa.com/eitc for the application and deadlines. The deadline for 2012-13 is July 1. Time is of the essence and applications must be received on the deadline day in order to be considered. For the quickest possible delivery, businesses can complete and sign the application and then scan and create a PDF file of it and send it by email on July 1 during normal business hours.
Businesses that are approved will have a two-year commitment and receive instructions on reapplying for the 2013-14 FY. Businesses that are approved for one year are given a priority opportunity to reapply in May (versus July) for their second year. Those approved hear in September about awards made.
If you have any questions about EITC, contact your accountant and/or Rhonda at (717)-787-7120 or RA-EITC@state.pa.us. United Friends School’s EITC program is administered through the Philadelphia Foundation. They can be reached at (215) 563-6417.
Nancy Donnelly, Head of School