Pennsylvania Educational Improvement Tax Credit Program
What is it?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.
AQUINAS ACADEMY HAS AN EITC-REGISTERED SCHOLARSHIP FUND
THROUGH EITC CONTRIBUTIONS, AQUINAS ACADEMY WAS ABLE TO AWARD 58 STUDENTS FINANCIAL AID SCHOLARSHIPS DURING THE 2010/2011 SCHOOL YEAR.
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 and detailed information are available by calling the Department of Community and Economic Development (“DCED”) at (717) 787-7120 or online at the DCED’s website. You can also download the information and application by clicking on the following links:
Application forms and assistance are also available in the office of the business manager at Aquinas Academy (724-444-0722 ext. 19).
Please help us strengthen our school and community by participating in the program.