[nilesh]

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I want to get the details of Educational Improvement Tax Credit Program (EITC) of PA Department of Community and Economic Development?

[Vishal Kotkar]

The Educational Improvement Tax Credit (EITC) is available to eligible businesses that contribute to scholarship organizations (including pre-kindergarten) and educational improvement organizations, in order to promote expanded educational opportunities for students in Pennsylvania.

Educational Improvement Tax Credit Program (EITC)

Tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization.

Business Application Timeline

May 15 – Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 16/17 to renew their 2-year commitment.

May 15 – Businesses who are in the middle of their 2-year commitment.

July 3 – All other businesses including initial applicants.

Uses-

Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.

Eligibility-

Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes:

Personal Income Tax
Capital Stock/Foreign Franchise Tax
Corporate Net Income Tax
Bank Shares Tax
Title Insurance & Trust Company Shares Tax
Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
Mutual Thrift Tax
Malt Beverage Tax
Retaliatory Fees under section 212 of the Insurance Company Law of 1921

Funding

Tax credits equal to 75 percent of its contribution up to a maximum of $750,000 per taxable year.

Can be increased to 90 percent of the contribution, if business agrees to provide same amount for two consecutive tax years. For contributions to Pre-Kindergarten Scholarship Organizations, a business may receive a tax credit equal to 100 percent of the first $10,000 contributed and up to 90 percent of the remaining amount contributed up to a maximum credit of $200,000 annually.

Terms

An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter.

Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and are not refundable or transferable.

Contact-

PA Department of Community and Economic Development
Tom Wolf, Governor
Dennis M. Davin, Secretary 1 (866) 466-3972