Thank you to Martin M. Sacks & Associates, CPAs for their generous EITC donation!

 

Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) Programs

 

EDUCATIONAL SCHOLARSHIP TAX
CREDIT (EITC) PROGRAM ZOOM
INFORMATION SESSION
With Tami Clark, Executive
Director of the Central
Pennsylvania Scholarship Fund.
Wednesday, October 27th at
6:30pm
We invite you to join us Wednesday, October
27th at 6:30pm for a ZOOM information session
for the Educational Scholarship Tax Credit
(EITC) program. Tami Clark will provide
information on how you can redirect your state
income taxes toward scholarships for students at
Saint Catherine Laboure School. Tami will share
details about the program and will be available to
answer any questions you may have. This zoom
session is open to any and all so please join

ZOOM LINK

  • Both the EITC and OSTC Programs allow qualifying businesses in PA to redirect a portion of its state tax funds to educational foundations of its choice.
  • C-Corporations and pass-through entities, such as S-Corporations, partnerships, LLC’s, etc., are all eligible to participate!
  • Your business’ redirected tax dollars can serve as transformative tuition scholarships.
  • Many participating businesses also receive a deduction on federal taxes.
  • A business receives a 75% tax credit for a one-year commitment and a 90% tax credit for a two-year commitment.
  • Eligible businesses qualify if it pays one or more of the following state taxes:
    • Personal Income Tax
    • Capital Stock / Foreign Franchise Tax
    • Corporate Net Income
    • 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
  • Check with your accountant to see whether your business qualifies. Then contact Janell Maglowski: jmaglowski@sclhbg.org

Special Purpose Entity (SPE)

Individuals now have the opportunity to participate fully in the EITC and OSTC Programs by joining a Special Purpose Entity. Qualifying individuals must:

  • Earn yearly income of at least $115,000 and owe at least $3,500 in state income taxes (receive W-2 wages from a for-profit business or own a for-profit business)
  • Benefits include:
    • PA tax credit for up to 90% of the SPE commitment (must renew annually)
    • Federal charitable tax deduction of at least 10% (possibly more) of the federal charitable donations deduction
    • Check with your accountant to see if you qualify. Then contact Janell Maglowski: jmaglowski@sclhbg.org