Educational Income Tax Credit (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.
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.
Eligible businesses must be authorized to operate in Pennsylvania and subject to one or more of the following taxes: Corporate Net Income Tax; Capital Stock Franchise Tax, Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; Mutual Thrift Institution Tax and Personal Income Tax of S Corporation Shareholders, or partners in a general or limited partnership.
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.
- For the 2017-2018 program year, applications must be submitted electronically using DCED’s Single Application for Assistance.
- Businesses must first go through a one-time registration process on the Single Application page in order to create a user name and password.
- Businesses must submit their applications on July 1, 2017 in order to avoid being placed on a wait list. In recent years, all available funding was depleted on the first day.
- Applications for the second year of a two-year commitment may be submitted starting on May 16, 2017.
- Businesses who have fulfilled their two-year commitment and wish to reapply to renew their two-year commitment may submit their applications starting on May 16, 2017.
- Tax credits are given for 75% of the business’s contribution to the Villa scholarship fund, up to a maximum of $750,000 annually.
- A business that agrees to make the same contribution for two consecutive tax years may receive a tax credit equal to 90% of its contribution, again up to a maximum of $750,000 annually.
For additional information, contact Anne Schmitt, Advancement Director, at email@example.com or 610.644.4864 ext. 127.