TAX CREDIT FOR SUPPORTING SCHOOLS

Starting July 1, 2001, businesses that contribute money to qualifying scholarship organizations or organizations devoted to educational improvement can realize state tax credits known as Educational Improvement Tax Credits (EITC). The available tax credits are substantial, varying from 75% to 90% of the amount contributed by a business, not to exceed an annual total tax credit of $100,000.

The Pennsylvania Department of Revenue has been directed to develop guidelines to determine the eligibility of qualifying organizations and to post a list of qualified organizations on its website. Because these tax credits were enacted by the Pennsylvania legislature in May of 2001, complete guidelines have not yet been issued. To learn more about whether your company may qualify for this business tax credit and how you can secure approval for a contribution, visit the website www.revenue.state.pa.us/revenue.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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