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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 to give to St. Peter’s School and get a tax credit for your business at the same time. Instead of giving corporate tax dollars to Pennsylvania, companies can make a majority of their tax payment in the form of a contribution to qualified scholarship organizations, such as St. Peter’s School. The application process is easy, and the benefits to the school and to 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 NewPA 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 these 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 the application online.

Questions and more information?

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