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Tax Credit Bank Opens Soon!

Apr 18, 2016

The Pennsylvania (PA) Department of Community and Economic Development (DCED) has $150 million reserved for Educational Tax Credits for FY2016. CSFP recognizes that the state budget impasse this past year presented some unique difficulties for donors and organizations. Please know that CSFP has been working closely with partners in Harrisburg to ensure that the application process and distribution of tax credit awards remains easy and straightforward for our donors. CSFP will keep you informed as to any legislative changes, deadlines and updates on the PA Educational Improvement (EITC) and Opportunity Scholarship (OSTC) tax credit programs.

2016 Tax Credit Deadlines
For renewal donors (that is, companies who have made a two-year commitment and are entering their second FY of this commitment), applications for both EITC and OSTC open May 15. As you may know, these programs are extremely popular and fill up quickly, so time is of the essence. Please contact Nicole G. Tell, Vice President, Development for any questions you may have or assistance you may require.

For new donors (that is, companies who have never applied for EITC or OSTC, or who have skipped a year or two in participation), applications will open July 1. Competition to be approved for these credits is harder for new donors. For this reason you must submit your application on July 1 to receive these tax credit award dollars. CSFP is experienced and available to help facilitate your application and help in any way possible: please contact Nicole directly for assistance.

2016 Tax Credit Updates
If you’d like to learn more about how a company participates in these programs, or why you should invest in Philadelphia children with CSFP, please contact Nicole or read more here.

CSFP is grateful for the partnership of many generous businesses in the Greater Philadelphia area, and beyond. A listing of donors can be found here.