Do you know that you can contribute up to 90% of your state tax bill to a scholarship organization that will forward 95% of that money to West Shore Christian Academy? Act 48 of 2003 established the Educational Improvement Tax Credit (EITC) that allows you to support private schools in the state of Pennsylvania with your tax dollars. Many of our friends have said they would rather give the money to us rather than the state.
Tax credits to 75% of its contribution up to a maximum of $750,000 per taxable year. This can be increased to 90% if the business agrees to provide the same amount for two consecutive years.
Eligible businesses include those who are authorized to do business in Pennsylvania and who are subject to one or more of the following taxes:
- Corporate Net Income Taxes
- Capital Stock Franchise Tax
- Bank and Trust Company Share Tax
- Title Insurance Companies Share Tax
- Mutual Thrift Institution Tax
- Personal Income Tax of S corporation shareholders or Partnership partners
The "EITC Guidelines" application can be found by clicking here. Scroll to the bottom of the EITC Program information to access, print and/or eletronically fill out the Appendix I-SO application.
Applications should be sent to:
DCED Center for Business Financing-Tax Credit Division
Commonwealth Keystone Building - 4th Floor
400 North Street
Harrisburg, PA 17120-0225
Additional information can be found at www.newpa.com.