Educational Improvement Tax Credit (EITC) Program
Tax credits to eligible businesses contributing to a scholarship organization, an education improvement organization, or a pre-kindergarten scholarship organization
Eligibility: Businesses authorized to do business in PA 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; Title Insurance Companies Shares Tax; Insurance Premiums Tax; or Mutual Thrift Institution Tax
Uses: Tax Credits may be applied against the tax liability of a business for the tax year in which the contribution was made
Where To Apply: DCED Center for Business Financing, Tax Credit Division: (717)-787-7120 or tknorr@state.pa.us
Amounts: Tax credits equal to 75% of its contribution up to a maximum of $200,000 per taxable year; Can be increased to 90% of the contribution, if business agrees to provide same amount for two consecutive tax years; For contributions to Pre-kindergarten scholarship organizations a business may receive a tax credit equal to 100% of the first $10,000 contributed and up to 90% of the remaining amount contributed up to a maximum credit of $100,000 annually.
Terms: Applications processed on a first-come-first-served basis by day submitted; 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 credit not used in the tax year the contribution was made may not be carried forward or carried back and is not refundable or transferable.
Guidelines:
EITC Business Guidelines PKTC Business Guidelines
| Type of Business: | Any Business |
| Size of Business: | Any Size |
| Location: | Any Location |
| Type of Funding: | Tax Credit |
| Purpose of Funding: | Tax Credits |
Additional information www.NewPA.com
The above information should not be relied upon without consulting
your own personal tax advisor regarding your individual circumstances.
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