EDUCATIONAL IMPROVEMENT TAX CREDIT PROGRAM (EITC)

Learn How to Turn Your Tax Liability into Scholarships for Our Students!
pa-eitc

A program that benefits
businesses, individuals and schools.

Pennsylvania makes millions of dollars available each year through the Educational Improvement Tax Credit Program (EITC) to be used as “tax credits.”  The EITC program enables businesses and individuals 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 your tax liability for the tax year in which the contribution was made.  It is a win-win for businesses, individuals and our school!

There are two ways to participateand you may qualify for both!

1) As a business, you may participate through the traditional program, as described below.

2) As an individual, you may participate through a Special Purpose Entity (SPE), the new era of EITC funding, if you have a minimum PA tax liability of $3500. Unlike the traditional business model, there are no strict deadlines to follow, and there is a simple one-page application.  Additionally, there may be federal tax benefits to taxpayers who deduct charitable contributions – potentially allowing you to make money!  Please contact April Sherry, Director of Development, for more information, or to see if you qualify to participate through an SPE click here.

Business Eligibility for Participation

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

Business Application Process

Applications are processed by the PA Department of Community & Economic Development (DCED) on a first-come/first-served basis by the date submitted until the amount of available tax credits are exhausted (we recommend that new businesses submit their application NO LATER than July 1st).

How to Apply

  1. Go to the PA Department of Community & Economic Development (DCED) Website.
  2. Click on the Single Application link, under Programs and Funding in the main menu.
  3. After submitting your application, wait for approval from the state.
  4. When you receive your approval letter, contact April Sherry, Director of Development at Penn-Mont Academy, to advise of the amount you have been approved and where to send your donation.
  5. Receive your contribution acknowledgement from Penn-Mont Academy.
  6. Forward this letter to DCED – Center for Business Financing, who will advise the Dept. of Revenue to apply your tax credits.
  7. Redeem your Tax Credits!

Do you need more information?

For more information about our school’s EITC program contact April Sherry, Director of Development, Penn-Mont Academy, at 814-696-8801 Ext 307.

The Impact of Your EITC Contribution

The Educational Improvement Tax Credit Program (EITC) provides a way for the businesses and individuals to be involved with education by directing their tax liability dollars to a school of their choice. Contributions provide financial aid to families of current students. Contact our Development Office to learn how you can participate.

2016

Funds Dispersed Fall 2016

Number of Participating Businesses/Individuals:18
EITC Contributions Received:$98,959
Percentage Receiving Aid:19%
Number of Students Impacted:48
2017

Funds Dispersed Fall 2017

Number of Participating Businesses/Individuals:16
EITC Contributions Received:$117,100
Percentage Receiving Aid:19%
Number of Students Impacted:48

Thank you to the following businesses and individuals.
We appreciate your support!

Our 2016-2017 EITC Businesses
  • Allegheny Regional Endoscopy
  • The Bravo Foundation
  • Mike Grimm, Scott Igou and Ed Kaplan thru the Central Pennsylvania Scholarship Fund (SPE)
  • First Commonwealth Bank
  • First National Bank of PA
  • The Hite Company
  • M&T Bank
  • The Music Emporium
  • Okonak, Ciocca and Lechner, P.C.
  • Pretzel Place
  • S&T Bank
  • Seltzer Financial Strategies, LLC
  • South Altoona, LLC
  • TDS Foods, Inc.
  • UPMC Health Plan
Our 2017-2018 EITC Businesses
  • Allegheny Regional Endoscopy
  • Altoona Ophthalmology Associates
  • American Eagle Paper Mill/Team Ten through the Central Pennsylvania Scholarship Fund (SPE)
  • Dick’s Homecare
  • The Hite Company
  • M&T Bank
  • Marcus & Mack
  • The Music Emporium
  • Okonak, Ciocca and Lechner, P.C.
  • Pretzel Place
  • Rutter’s
  • S&T Bank
  • Seltzer Financial Strategies, LLC
  • TDS Foods, Inc.
  • UPMC Health Plan

Need More Info?

For more information about our school’s EITC program contact April Sherry, Director of Development, Penn-Mont Academy, at 814-696-8801 Ext 307.

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