The Commonwealth of Pennsylvania enacted the Educational Improvement Tax Credit Program (the “EITC Program”) in 2001 in order to allow businesses to support education in Pennsylvania. Through the EITC Program certain businesses can make donations to a school’s EITC-registered scholarship fund and in return receive a credit against its Pennsylvania taxes that would otherwise be due.
Is your business eligible to participate in the EITC Program?
A business is eligible to participate in the EITC Program if the business pays one of the following Pennsylvania 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 Income Tax of S Corp shareholders and Partnership partners in a general or limited partnership
How does your business apply to participate in the EITC Program?
A business applies to participate by completing a simple one-page application form (Appendix 1-SO). The form MUST BE COMPLETED ELECTRONICALLY online through the Department of Community and Economic Development’s (“DCED”) website www.newpa.com. For further information or questions, you can reach DCED at (717)787-7120.
Please help us strengthen our school and community by participating in the program.