PA Educational Improvement Tax Credit Program (EITC)
“I was so excited to learn about PA's EITC program. Initially it sounded too good to be true but as a four year contributor, not only is it true, participation is easy and the paperwork is minimal. I am able to redirect 95% of my PA tax dollars as a donation to a school that has provided an incredible educational opportunity for my three kids. Because of this program, Upland has the resources to educate dozens more who otherwise would not been able to afford the experience.”
- Mary Pat Fralick, Chief Operating Officer, Vitalize Consulting Solutions, Inc.,
Current Parent, Former Parent, Trustee and EITC donor
“We have been happy to give back to Upland Country Day School through the EITC program for (6) six years. Children have been given the opportunity to have a wonderful Upland education as my (3) three children enjoyed. I am so happy to be able to give back to this unique school where Upland friendships are forever.”
- Lydia Willits Bartholomew, Chairman of the Board, The National Bank of Malvern
Former Trustee, Former Parent and EITC donor
Where would you rather send your taxes – to Harrisburg or to Upland?
Since 2001, the Commonwealth of Pennsylvania has provided generous tax credits to eligible businesses that give financial aid gifts to schools, including Upland Country Day School.
Almost $50 million is available on a first-come, first-served basis for contributions to scholarship organizations like Upland. In fact, to date, Pennsylvania businesses have donated over $900,000 (ranging in size from $2500 - $100,000) to our financial aid program, making an Upland education affordable for scores of eligible families. Here are some of our EITC partners:
Here are some of our EITC partners (clicking on
the logo will take you to their website)
Tax credits start at 75% of the donation amount for a one year contribution, increase to 90% for a two-year contribution, and can be applied to as much as a $300,000 contribution each year. (Residual tax benefits can reduce the actual cost of the donation to almost nothing.) Applications for tax credits for program fiscal year 2009-2010 (July 1, 2009 – June 30, 2010) will be accepted beginning July 1, 2009.
Who is eligible to participate?
Businesses authorized to do business in Pennsylvania who are subject to one or more of 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 Institution Tax
- Personal Income Tax of S corporation shareholders or Partnership partners.
Terms:
An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter; Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and is not refundable or transferable.
Where to Apply:
DCED Center for Business Financing, Tax Credit Division, 4th Floor, Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120: 717. 787. 7120 or tknorr@state.pa.us. Applications are approved on a first-come-first-served basis by date received and can be obtained by clicking here.
For further information, contact Lucy Singleton at 610. 444. 8114 or lsing@uplandcds.org
