Education Improvement Tax Credit

*The Commonwealth of Pennsylvania created the EITC Program in 2001. Pennsylvania’s Department of Community and Economic Development (DCED) administers the program.

 

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

*If your business pays any of the following taxes to the Commonwealth of Pennsylvania, you are eligible to apply for EITC tax credits:


- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank and Trust Company Share Tax
- Title Insurance Companies Share Tax
- Insurance Premiums Tax
- Mutual Thrift Institutions Tax

BENEFITS TO YOUR BUSINESS

*The EITC Program provides your business with state tax credits of up to 90% of your gift.

*Additionally, your business may see a benefit in federal taxes, because the gift is deductible for federal tax purposes.

*Businesses receive tax credits for gifts that benefit area schools. These tax credits are for 75% to 90% of the gift, depending on whether the business makes a one-year or two-year commitment to the program.
    - One-year commitment = 75% tax credit
    - Two-year commitment = 90% tax credit

*The maximum gift your business can make through the EITC program is $200,000 for a two-year commitment ($100,000 per year for up to two years).

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