THE EDUCATIONAL IMPROVEMENT TAX CREDIT (EITC)
What is the EITC program?
The Educational Improvement Tax Credit (EITC) is a great option for giving to St. Peter’s School and receiving a tax credit for your business simultaneously. Instead of giving corporate tax dollars to Pennsylvania, companies can make a majority of their tax payment in the form of a contribution to a qualified scholarship organization, like St. Peter’s School. The application process is easy, and the benefits for the School and for companies are substantial.
A company can receive PA State tax credits equal to 75% of its contribution up to a maximum of $400,000 per taxable year. This can be increased to 90% of the contribution if a company agrees to provide the same amount for two consecutive tax years. The New PA website for EITC has the most up-to-date information regarding rules, eligibility, and forms.
Who is eligible?
Businesses authorized to operate in Pennsylvania and pay one of the following PA 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
- Personal Income Tax of S Corporation Shareholders, or partners in a general or limited partnership
How do I participate?
Easy! Fill out this application.