Contributions via the EITC and the OSTC programs have enabled Church Farm School to provide hundreds of thousands of dollars in scholarships to deserving Pennsylvania students from low-income families.
EITC and OSTC programs allow businesses and individuals that pay taxes to the State of Pennsylvania to support scholarships for low income students at schools such as Church Farm School. In the process, these businesses realize remarkable tax advantages.
The EITC/OSTC is an actual credit against most state taxes owed by the donor business, and 90% of the gift may qualify. In effect, it costs a dime to give a dollar.
The following Pennsylvania taxes are eligible for credit:
- 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
A one-year commitment through the EITC/OSTC allows for a 75% tax credit; a 2-year commitment provides a 90% credit. The maximum business contribution in one calendar year is $750,000. Typically EITC and OSTC funds are exhausted on July 1. Renewing businesses may apply on May 15, 2016.
Church Farm School strives to fund all of our qualified PA students through these tax credit programs. Anyone involved in a business is encouraged to consider the PA-EITC/OSTC. For further information, please go to www.newPA.com
and enter “EITC” or “OSTC” in the search window.
Please contact Peter Corrado, Director of Development, at (610) 353.5363 or email@example.com
to help with the application process.
Individuals interested in obtaining credits as if they were businesses through the Church Farm School Special Purpose Entity should also contact Mr. Corrado.