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State Budget Passes, Supports Increase in Tax Credits

Jul 20, 2016

Earlier this month, Pennsylvania lawmakers passed a state budget that increases support for education. The new state budget includes an additional $25 million in tax credits through the Educational Improvement Tax Credit (EITC) program. The EITC program is broadly supported and the increase was overwhelmingly passed both legislative houses.

Since the inception of the PA EITC program in 2001, CSFP has benefited from the tremendous support of area corporations. These companies have been able to make a difference in the lives of thousands of Philadelphia children from low-income families by making a highly leveraged investment in their future. Through EITC, companies can receive up to a 90% PA tax credit for their donation to an approved scholarship organization like CSFP. The EITC program is easy, popular, and an effective way to change a young life.

In recent years many new EITC applicants were unable to secure these tax credits. This $25 million increase in available tax credits will free up much-needed funding for life-changing scholarships. However, the program’s popularity means this additional funding will not last long. If you are interested, please contact CSFP today!