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State Tax Credit Program

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.

Questions?

For further information, please contact Clare Dych, Director of Development: 215-925-3963 ext: 405 or cdych@st-peters-school.org or visit NewPA.com