Private All Girls School | Girls K-8 | Co-Ed Preschool | Malvern, PA

Educational Income Tax Credit (EITC)

EITC

Use Your Pennsylvania Tax Credit Programs to Support Villa Maria Academy!

A gift to Villa Maria Academy can provide your company with a substantial Tax Credit through the Educational Improvement Tax Credit (EITC) Program. The application process is easy, and the benefits to the school and to deserving students are transformational.

Donations can be made through BLOCS and the Foundation for Catholic Education

 

What is EITC?

Enacted by the Pennsylvania legislature in 2001, the Educational Improvement Tax Credit (EITC) provides a tax credit to businesses that pay Pennsylvania’s corporate income tax for contributions to scholarship organizations that give private-school scholarships to eligible children.

The EITC program enables a Pennsylvania business to direct up to $750,000 of its Pennsylvania state tax dollars directly to Villa Maria Academy’s Scholarship Fund. Tax credits are given for 75 percent of a one-year gift and 90 percent of gifts given in two consecutive years.

Eligibility

Eligible businesses must be authorized to operate in Pennsylvania and subject to one or more of the following taxes:

  • Personal Income Tax
  • Capital Stock/Foreign Franchise Tax
  • Corporate Net Income Tax
  • 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
  • Retaliatory Fees under section 212 of the Insurance Company Law of 1921

Benefits to Villa Maria Academy

EITC has had a tremendous impact on Vila Maria Academy’s ability to offer financial aid to many deserving girls. Families who receive EITC scholarships would not be able to experience a VMA education without altruistic donations from individuals and corporate donors. We are thankful for the support EITC has provided to our Villa Maria community.

How to Apply

Tax credits are available on a first-come, first-served basis for contributions to scholarship organizations like Villa Maria Academy.
    • May 15 – Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 19/20 to renew their 2-year commitment.
    • May 15 – Businesses who are in the middle of their 2-year commitment.
    • July 1 – All other businesses including initial applicants and those applicants wishing to submit an additional application on top of their previously submitted 2-year commitment.

    Pass-through entities, such as S-Corporations, Partnerships, LLCs, etc., can now apply the same day as C-Corporations. Applications must be submitted electronically using DCED’s Single Application for Assistance.

For additional information, contact our Mission Advancement Office, at advancement@villamaria.org or 610.644.4864.

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