Thousands of Council Rock students benefit each year from charitable donations made by approved businesses and corporations in exchange for tax credits through Pennsylvania’s Educational Improvement Tax Credit (E.I.T.C.) program. Contributions fund innovative and experiential learning projects, serving some 11,000 enrolled students and 8,000 households located in the Council Rock School District.
Approved as an Educational Innovative Organization (E.I.O.) by Pennsylvania’s E.I.T.C. program, the Council Rock Education Foundation, a non-profit 501C3 charitable fundraising arm of the Council Rock District, partners with approved Pennsylvania businesses to receive E.I.T.C. funds. These resources, over and above the annual school budget, go to support creative, K – 12 knowledge-based projects that enhance the curriculum, engage young minds and foster their passion for continued learning in science, technology, engineering, The Arts, and Math.
Participating businesses may receive a tax credit equal to 75% of its contribution to an Educational Innovative Organization, like Council Rock Education Foundation, up to a maximum of $750,000 per taxable year. The tax credit can be increased to 90% of the contribution made if the business agrees to provide the same amount of contribution to an organization for two consecutive years. Businesses should consult with their company’s financial adviser to determine the best strategy.
Businesses eligible for the credit are pass-through entities, such as S and C Corporations, Partnerships, LLC’s, etc. Businesses authorized to do business in Pennsylvania subject to one or more of the following taxes:In the 2016-2017 academic calendar year, E.I.T.C. donations through the Council Rock Education Foundation helped fund ten innovative projects throughout the Council Rock School community impacting thousands of students such as rocketry and coding clubs, after school STEM programs, and even a newly composed musical score performed by our high school Jazz band, just to name a few.
– Personal Income Tax
– Capital Stock/Foreign Franchise Tax
– Corporate Net Income Tax
– Bank Shares Tax
– Insurance Premiums Tax
– Mutual Thrift Tax
– Malt Beverage Tax
– Title Insurance & Trust Company Shares Tax
– Retaliatory Fees under section 212 of the Insurance Company Law of 1921
Pennsylvania businesses can apply for E.I.T.C. credits through DCED’s electronic single application system by July 3, 2017 at http://www.newpa.com/eitc. Tax credit applications process on a first come, first-served basis and approved until available tax credits are exhausted.
For more information on becoming a partner with Council Rock Education Foundation for K – 12 educational opportunities, contact Gail Acosta at (215)944-1023 or gacosta@crsd.org Visit www.creducationfoundation.org to view CREF’s Grants in Action.
