A program that benefits
businesses and schools.
Pennsylvania makes millions of dollars available through the Educational Improvement Tax Credit Program (EITC) for businesses to use as “tax credits.” The EITC program enables businesses to support private schools, such as Penn-Mont Academy, a recognized 501 (c)(3) organization, via scholarship funds, instead of directing their tax dollars to Harrisburg.
Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made. Businesses large and small can benefit from this tax credit program. It is a win-win for both business and school.
Who is eligible to participate?
Pennsylvania businesses that pay any of the following taxes are eligible to participate in the EITC program:
- Personal Income Tax of S Corp Shareholders or Partnership Partners
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank & Trust Company Shares Tax
- Insurance Premium Tax
- Title Insurance Company Shares Tax
- Mutual Thrift Institutions
- Malt Beverage Tax