On July 22, 2016, The Commonwealth of Pennsylvania officially ratified Council Rock Education Foundation as an Educational Innovative Organization under the Educational Improvement Tax Credit Program (EITC) which means they are ready to accept charitable donations from EITC approved Pennsylvania businesses.

In 2001, by an overwhelming bi-partisan majority, the Commonwealth of Pennsylvania made history , becoming the first state to pass an education tax credit for corporations.  Pennsylvania’s EITC program offers businesses an incredible opportunity to direct a portion of their state tax dollars to support to Educational Innovative Organizations such as the Council Rock Education Foundation.

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Students at Newtown Middle School’s STEM Club use a telescope (1 of 10 purchased) to record data on solar features such as solar filaments, sunspots and prominences to compare with NASA statistics. This is one of fourteen innovative projects, made possible by EITC donations through the Council Rock Education Foundation during the 2015-2016 school year.

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 through 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.

Participating Pennsylvania 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.

Eligible for the tax 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:

  • 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 EITC credits through DCED’s electronic single application system 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.

Interested in partnering with us for K – 12 educational innovative opportunities? Contact Gail Acosta at (215)944-1023 or gacosta@crsd.org for more details.