Educational Improvement Tax Credit (EITC)

What is EITC?

The Educational Improvement Tax Credit (EITC) program is a Pennsylvania tax credit initiative which began in 2001. This program allows Pennsylvania businesses to direct a portion of their tax dollars to support local non-profit schools such as Assumption BVM School. Businesses receive a 75% tax credit for a one year commitment or 90% tax credit for a two year commitment. 

Who can participate in EITC?

Qualified businesses who pay any of the following Pennsylvania state taxes can participate in the program.
 
• Capital Stock/Foreign Franchise Tax
• Corporate Net Income Tax
• Bank Shares Tax
• Title Insurance & Trust Company Shares Tax
• Insurance Premiums Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
• Mutual Thrift Tax
• Gross Receipts Tax
• Tax under the Insurance Company Law of 1921
• Personal Income Tax
 
How does the process work?
 
Businesses must submit their application on July 1. Prior to that date, information can be uploaded in the online document but the information must be electronically sent on July 1. Applications can be found on http://newpa.com/single-application/. Applicants are notified by October if they were selected to participate in the EITC program. Companies have 60 days to make their donation and 90 days to send proof of the donation to the Department of Community and Economic Development to receive the tax credit.
 
Is participating in the EITC program right for your business?
See what a donation would cost your business by using the EITC calculator.


To learn more about this program, please contact Advancement Director Kristen Sullivan at development@assumptionbvmwestgrove.org.