Pennsylvania Tax Credit Programs for Business Owners
Pennsylvania Tax Credit Programs: EITC and OSTC
The Pennsylvania Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs allow a business owner to take a credit against PA taxes for up to 90% of the amount donated to The Crefeld School.
Anyone who pays:
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank and Trust Company Shares Tax
- Title Insurance Companies Shares Tax
- Insurance Premiums Tax
- Mutual Thrift Institution Tax
- Personal Income Tax of S Corporation Shareholders
- Personal Income Tax of Partnership Partners
Typically, these taxes are paid by Corporations, Partnerships, LLCs, Banks, Insurance Companies, Title Companies, and Mutual Thrift Companies. Partnerships can split a gift among several EITC/OSTC-approved nonprofits.
How does this work?
- Go to this link for more information about EITC and go to this link for more information about OSTC Business Guidelines.
- Submit your application to the state of PA beginning July 1, 2015. You decide the donation amount on your application. Credits are issued on a first-come, first-served basis.
- You will be notified by the state of PA of your acceptance if you qualify.
- Make your contribution to Crefeld within 60 days of acceptance and send proof of your contribution to the state of PA.
EITC/OSTC contributions support The Crefeld School’s scholarship program, which offsets the cost of education for members of our student body who would otherwise not be able to attend Crefeld.
Print out this webpage and bring it to your tax preparer to discuss this program. S/he can guide you through the process. For more information, please visit http://www.newpa.com or contact Joan Giannobile at The Crefeld School at 215.242.5545, ext 42 or firstname.lastname@example.org.