EITC Tax Credit Program
The Council Rock Education Foundation has a win-win proposition for area businesses: Support the foundation, help provide funding for innovative programs in the Council Rock schools — and receive a 75 to 90 percent credit on their state taxes.
CREF is proud to be a participating Educational Improvement Organization (EIO) in the commonwealth’s Educational Improvement Tax Credit Program (EITC). Administered by the Pennsylvania Department of Community and Economic Development, the program awards tax credits to businesses that make contributions to approved scholarship organizations and/or educational improvement organizations.
Participating businesses can receive a tax credit equal to 75% of their contribution to an Educational Innovative Organization, like the Council Rock Education Foundation, up to a maximum of $750,000 per taxable year. This can be increased to 90% of the contribution if the business agrees to provide the same amount for two consecutive years. Of course, each company’s tax situation is different; please consult with your company’s financial advisor to determine the best strategy.
Corporations who qualify pay one or all of the following taxes:
- Corporate Net Income Tax
- Capital Stock/Foreign Franchise Tax
- Bank and Trust Company Share Tax
- Title Insurance & Trust Company Shares Tax
- Insurance Premium Tax
- Malt Beverage Tax
- Mutual Thrift Institutions Tax
- Personal Income Tax of an S Corporation Shareholders of Partners in an LL/LLP
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
- Sub Chapter S corps, limited partnerships and other pass through organizations are eligible. (filing PA forms 20S or 65). Deadline is JULY 1, 2016. Two year applicants may apply May 15.
Donations received from approved EITC Pennsylvania businesses impact Council Rock students, over 11,000 enrolled students last year and 8,000 households in the District, with innovative experiences that enrich the excellent quality of a Council Rock Education funded thru the Foundation. Contributions support experiential, creative, K – 12 knowledge-based projects, over and above the District curriculum, which engage young minds, fostering their passion for continued learning in science, technology, engineering, the Arts and Math. During the 2015-2016 school year, EITC donations helped fund fourteen innovative projects throughout the District.
Can your company take advantage of the EITC program and support public education? See the information below and contact Gail Acosta at email@example.com.