Pennsylvania corporations have the unique opportunity to make a donation and receive up to a 90% tax credit under the Education Improvement Tax Credit Act (EITC). New tax credit applications will be accepted starting July 1, 2010. These tax credits are issued on a first-come, first-served basis and are expected to be fully utilized by mid-July 2010. Interested companies need to act now. Please Note: Effective July 8, 2008, "Subchapter S corporations" now qualify for this tax credit program, as well as other small and medium sized businesses that pay personal income tax on PA business income. The yearly maximum EITC donation for companies has been increased to $300,000. While many newly formed educational organizations statewide are seeking corporate donations through the EITC, CSFP is in a unique position to generate and leverage contributions.
THERE ARE NO TAX CREDIT DOLLARS CURRENTLY AVAILABLE IN THE SCHOLARSHIP ORGANIZATION PA EITC "BANK". If you are interested in making an EITC donation, please contact us in 2010. (See below for direct contact information.)
A link to Sample Computations for Business Firms Donating Money to an Educational Improvement or Scholarship Organization Using the Educational Improvement Tax Credit (EITC)
EITC- Frequently Asked Questions for the Business Community
1616 Walnut Street, Suite 1502
Philadelphia, PA 19103
Lipman@csfphiladelphia.org
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