Educational Improvement Tax Credit (EITC)
Use Your PA State Taxes to 支持 Student Scholarships
You have a unique opportunity to use your PA state income tax to help make Christ-centered, high quality education at LM accessible for more students through the Educational Improvement Tax Credit (EITC) program while receiving up to 90% of this amount back as a tax credit.
We could FULLY fund our need-based student aid with YOUR help!
的 Educational Improvement Tax Credit (EITC) is a state program that allows eligible businesses to receive up to a 90% tax credit on contributions to an EITC scholarship organization. 的 tax credits to eligible businesses can contribute to a Scholarship Organization, an Educational Improvement Organization, 和/or a Pre-幼儿园 Scholarship Organization. In 2014, Pennsylvania’s EITC legislation was amended to allow certain 个人 (rather than only businesses) to participate in the EITC tax credit program through what is called a Special Purpose Entity (SPE).
谁可以参加?
Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes:
- 个人所得税
- Capital Stock/Foreign Franchise Tax
- 企业所得税净额
- 银行股份税
- 产权保险 & 信托公司股份税
- Insurance Premium Tax (excluding unauthorized, domestic/foreign marine)
- 互助节俭税
- 麦芽饮料税
- 盈余税
基本标准:
- 2年承诺
- Tax credits equal to 75% of its contribution up to a maximum of $750,000 per taxable year.
- Can be increased to 90% of the contribution, if business agrees to provide the same amount
for two consecutive tax years. - Tax credits are worth 90% of the taxpayer’s bill. 的 remaining 10% may be claimed on the
federal tax return as a charitable donation.
Tax credits may only be applied against the tax liability of a business for the tax year in which the
做出了贡献.
Business Application Timeline
- 2023年5月15日 – Business applicants who have fulfilled their 2-year commitment 和 wish to re应用 in FY 23/24 to renew their 2-year commitment.
- 2023年5月15日 – Businesses who are in the middle of their 2-year commitment.
- 2023年7月3日 – All other businesses including initial applicants 和 those applicants wishing to submit an additional application on top of their previously submitted 2-year commitment.
Pass-through entities, such as S-Corporations, Partnerships, LLCs, etc., can now 应用 the same day as C-Corporations. Applications must be submitted electronically using DCED’s Single Application for Assistance. See the 业务应用指南 above.
资金
Tax credits equal to 75 percent of its contribution up to a maximum of $750,000 per taxable year. Can be increased to 90 percent of the contribution, if business agrees to provide same amount for two consecutive tax years.
如何申请
- Determine the amount of your PA tax liability.
- 应用 through the Department of Community 和 Economic Development’s (DCED) electronic application system.
- Receive approval letter 和 complete the 指定的形式. 的n send back the Form with your check to “Everence Foundation” with a copy of the DCED approval letter (Let LM know too!).
- Tax forms will arrive from Fund.
Pennsylvania businesses can begin 应用ing for EITC credits through DCED’s electronic single application system. DCED will no longer require applicants to mail the signed signature page.
的 业务应用指南 explains the process of 应用ing. Tax credit applications will be processed on a first-come, first-served basis by day submitted. All applications received on a specific day will be processed on a r和om basis before moving on to the next day’s applications. Applications will be approved until the amount of available tax credits is exhausted.
Once you have received your approval letter please complete the 指定的形式 和 mail the form with your check to Everence Foundation. Please be aware you will also need to include a copy of your approval letter from the Department of Community 和 Economic Development (DCED) with this form.
If you would like to take advantage of this opportunity or if you have any questions, 请联系路易斯·托雷斯, torresld@sym-biosis.net， 717-740-2426，分机. 1021.
For questions about your individual tax situation, please speak directly with an accountant or the person that helps you prepare your tax return(s).
使用
Tax credits may only be applied against the tax liability of a business for the tax year in which the 做出了贡献.
条款
An approved company must provide proof to DCED within 90 days of the notification letter that the 做出了贡献 within 60 days of the notification letter. Tax credits not used in the tax year the 做出了贡献 may not be carried forward or carried back 和 are not refundable or transferable.