Tax Credits For Business
If you are a business owner or are responsible for taxes in your company, would you consider helping to fund scholarships at PCS for tax credits?
Through the Pennsylvania Educational Improvement Tax Credit (EITC), businesses paying taxes in Pennsylvania can receive a tax credit for up to 90 percent of their taxes when they make a contribution to an educational or scholarship organization. Contributions can be in the form of a donation of cash, personal property or services.
The EITC program allows participation from businesses paying any of the following taxes - Corporate Net Income Tax; Capital Stock Franchise Tax, Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; or Mutual Thrift Institution Tax.
How it works
A tax credit of up to $ 300,000 can be applied against the tax liability of your business in the year the contribution is made.
An initial tax credit of 75 percent of the contribution is given; the credit is increased to 90 percent of the contribution if the business agrees to provide same contribution for two consecutive tax years. The tax consequences for your Federal taxes are also quite favorable.
Applications are processed, first-come-first-served, by the state until the credits available for that tax year are exhausted.
For more information on the EITC program, contact Marci Balocik in the Finance Office at 724-369-8787, ext. 11
Your participation in the EITC will be a blessing to our families while providing a generous tax credit for your business.