Education Improvement Tax Credit (EITC)
Act 4 of 2001 (the Act) amends the Public School Code to provide for the establishment of the Education Improvement Tax Credit (EITC) to be administered by the Department of Community and Economic Development (DCED). Act 4 authorizes the award of tax credits to businesses that make contributions to scholarship organizations and/or educational improvement organizations contained on a list published by the Department.
Act 48 of 2008 authorizes the award of $75 million in tax credits to businesses that make contributions to Scholarship Organizations or Educational Improvement Organizations.
EITC is a WIN-WIN!!
A business will be approved for a tax credit equal to 75% of its contribution(s), up to a maximum of $300,000 per taxable year. The tax credit may be increased to 90% of the contribution(s) made, up to a maximum of $300,000 per taxable year, if the business agrees to provide the same amount of contribution for two consecutive tax years.
Wouldn't you like the opportunity to choose how your state tax dollars are spent?
Eligible Businesses
Businesses Eligible to apply for the Educational Improvement Tax Credit are businesses authorized to do business in the Commonwealth of Pennsylvania that are subject to 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 Institutions Tax
Personal Business Tax (New for 2008!) New Applications will be accepted by the Department of Community and Economic Development beginning July 1, 2009 for the program fiscal year 2009-2010.
As easy as 1-2-3!
1. Decide How Much of your estimated tax liability you would like to contribute to EITC.
2. Apply for the tax credit by completing the attached one page application.
For approval send application to:
The Department of Community and Economic Development
The Education Improvement Tax Credit Program
Center for Business and Financing – Tax Credit Division
400 North Street, 4th Floor
Commonwealth Keystone Building
Harrisburg, Pa 17120-0225
Once the business receives written notification of state approval (30 days after application), the business has 60 days to make a contribution.
3. Decide which approved Scholarship Organization will receive the approved amount.
In 2003 the Hershey Christian School was awarded its' own scholarship organization, the Hershey Christian School Association. If you would like to contribute to the Hershey Christian School just make out a check payable to:
Hershey Christian School Association
EITC
P.O. Box 378
Hershey, Pa 17033
Designate that it is for EITC.
Once the school receives the check, the school will send the business a written acknowledgement that needs to be mailed or faxed (within 90 days from the date the business received written notification of state approval) to:
Department of Community and Economic Development
The Education Improvement Tax Credit Program
Center for Business and Financing – Tax Credit Division
400 North Street, 4th Floor Commonwealth Keystone Building
Harrisburg, Pa 17120-0225
Fax (717) 772-3581
By choosing the Hershey Christian School Association the funds can go directly for tuition assistance for families at the Hershey Christian School and local area. If you choose to contribute to the Hershey Christian School Association we would be delighted to list your business on our web site as a contributor.
