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, 2011. These tax credits are issued on a first-come, first-served basis and are expected to be fully utilized by September 2011. 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 tax credit 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.
If you are interested in making an EITC donation, please contact us for more information or go here to access the application.
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@www.csfphiladelphia.org
