The Educational Improvement Tax Credit Program (EITC), administered by the Pennsylvania Department of Community and Economic Development, provides tax credits to companies that donate to non-profit scholarship or educational improvement organizations. Business owners can designate their tax credits for Trinity High School through the Neumann Scholarship Foundation of the Diocese of Harrisburg.
Approved businesses are eligible to receive a 90% tax credit for a two year commitment, or a 75% tax credit for those who choose to participate for one year. Donations of any amount are eligible for the tax credit, with a maximum amount of $750,000 this year.
If your business pays one or more of the following taxes, you qualify for EITC:
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank & Trust Co. Shares Tax
- Title Insurance Co. Shares Tax
- Insurance Premiums Tax
- Mutual Thrift Institutions Tax
- Pa. Income Tax Liability Tax
- Personal Income Tax of S Corps.
All business applications for the EITC program are to be submitted online. Businesses must first go through a one-time registration process on the single application page (go to www.newpa.com/EITC, click “apply”) in order to create a user name and password.
- Businesses renewing a 2 year commitment can submit their application starting May 15.
- Businesses applying for a 1 year commitment will be able to begin the application process in early May; however, the submit button will be inactive until business submission date – July 1, 2014.
- After filing the application online, print and submit the signature page to DCED via US mail.
- EITC business applications will be processed based on the online submission date.
- After approval by DCED, business receives confirmation letter and submits their contribution within 60 days to the Foundation.
- The Foundation sends business an acknowledgement letter, which is then sent to DCED as proof of contribution.
For further information on this program, please contact Trinity High School Development Office at (717) 761-2228.
DCED website: www.newpa.com/EITC
Neumann Scholarship Foundation website: www.hbgdiocese.org/nsf