EDUCATIONAL IMPROVEMENT TAX CREDIT PROGRAM (EITC)
A program that benefits
businesses, individuals and schools.
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 participate – and 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 Shannon Warburton, 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
- Go to the PA Department of Community & Economic Development (DCED) Website.
- Click on the Single Application link, under Programs and Funding in the main menu.
- After submitting your application, wait for approval from the state.
- When you receive your approval letter, contact Shannon Warburton, Director of Development at Penn-Mont Academy, to advise of the amount you have been approved and where to send your donation.
- Receive your contribution acknowledgement from Penn-Mont Academy.
- Forward this letter to DCED – Center for Business Financing, who will advise the Dept. of Revenue to apply your tax credits.
- Redeem your Tax Credits!
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.
2021
Funds Dispersed Fall 2021
| Number of Participating Businesses/Individuals: | 22 |
| EITC Contributions Received: | $303,733 |
| Percentage Receiving Aid: | 30% |
2022
Funds To Be Dispersed Fall 2022
| Number of Participating Businesses/Individuals: | 22 |
| EITC Contributions Received: | $366,187 |
| Percentage Receiving Aid: | 35% |
Thank you to the following businesses and individuals.
We appreciate your support!
We appreciate your support!
- Dr. Robert Bailey
- Drs. Edmond Bouassaf and Barbara Labban
- CNB Bank
- Curry Supply
- Mr. Colin Dangler and Dr. Katherine Dangler
- Dr. and Mrs. Lance DeFrancisco
- Drs. Mehrdad Ghaffari and Haleh Haerian
- Mr. and Mrs. Brian Hall
- Mr. and Mrs. R. Lee Hite
- Mr. and Mrs. Brian Irwin
- Jersey Shore State Bank
- Mr. Edward Kaplan and Dr. Marianne Shaw
- Mr. Rex Kaup
- Drs. David and Sheela Kerstetter
- Kish Bank
- M&T Bank
- Dr. and Mrs. Mitul Patel
- S&T Bank
- Amy Seltzer
- Mr. and Mrs. Matthew Stuckey
- UPMC Health Plan
- Michael Ward
- Dr. Robert Bailey
- Drs. Edmond Bouassaf and Barbara Labban
- Dr. and Mrs. Thomas Brouse
- Mr. and Mrs. Sean Burke
- CNB Bank
- Mr. and Mrs. Sean Cook
- Dr. and Mrs. Lance DeFrancisco
- Drs. Mehrdad Ghaffari and Haleh Haerian
- Mr. and Mrs. Brian Hall
- Mr. and Mrs. Brian Irwin
- Jersey Shore State Bank
- Mr. Edward Kaplan and Dr. Marianne Shaw
- Drs David and Sheela Kerstetter
- Kish Bank
- M&T Bank
- Marcus & Mack
- Dr. and Mrs. Mitul Patel
- Rutter’s / M&G Realty, Inc.
- Mr. Stephen Sheetz
- Mr. and Mrs. Matthew Stuckey
- JT Venture
- Michael Ward
Need More Info?
For more information about our school’s EITC program contact Shannon Warburton, Director of Development, Penn-Mont Academy, at 814-696-8801 Ext 307.
