A. You may take up to $200-$750,000 in tax credits per year. The credit is 75% against taxes owed if the contribution is made in any single year. If a company provides a two-year commitment of equal funding, the credit rises to 90%. Of course, existing charitable deductions may also apply with this credit so that the effect may be almost zero net cost to the donor.
A complete list is available at the newPA.com website. Generally the taxes that qualify are Personal Income, Corporate Net Income, Bank Shares and others. The business must operate in PA.
A. The Educational Improvement Tax Credit was established by Act 4 of the 2001 PA Legislature. This law was designed to encourage businesses to fund special organizations that will give need-based scholarships to Pre-K and K-12 students so they can attend the school of their choice. Monies contributed through this Program can be used for private or religious
The list of approved Scholarship Organizations, like Penngift, is available at the newPA.com website. Penngift is an IRS 501 (c) (3) organization.
A. There are now three Tax Credit Programs through which your Company may secure a tax offset with your contributions to private education:
(1) K-12 Scholarship Organization ("SO"),
(2) Pre-K Scholarship Organization ("Pre-K") and
(3) the Opportunity Scholarship Tax Credit Organization ("OSTC")
All three are described on the important website: "newPA.com
Tax credits are awarded on a first-come first-served basis, with applications on/after May 15 or on July 1, depending upon the number of years your company has participated as a tax credit donor.
Go to Home Page and check out "Why Penngift for Your School?" Penngift staff has a track record of many years of experience and expertise in all things EITC.