Pennsylvania Tax Credit Programs for Businesses

Pennsylvania’s Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) Programs

The Pennsylvania Department of Community and Economic Development administers an exciting opportunity for businesses to redirect their Pennsylvania tax dollars to HCA. Funds through EITC and OSTC provide dollars that HCA can use for need-based tuition assistance to qualifying families.

How the Programs Work

If a business pays certain Pennsylvania taxes, those taxes may be given to HCA instead of paid to the Commonwealth.

Types of Taxes that are Eligible for EITC and OSTC:

  • Corporate Net Income Tax;
  • Capital Stock Franchise Tax;
  • Bank and Trust Company Shares Tax;
  • Title Insurance Companies Shares Tax;
  • Insurance Premiums Tax;
  • Mutual Thrift Institutions Tax; and
  • Personal Income Tax of LLC, LLP, S Corporations, and Partnerships.

Extent of Program

An eligible business may be approved for a tax credit equal to 75% of its contribution to HCA up to a maximum of $750,000 per taxable income. If the business elects to make a two year commitment, the tax credit increases to 90% of its state taxes.  Please note, there is no minimum to participate.

Deadlines

OSTC: Funding is still available and applications are currently being accepted.

EITC: Applications must be submitted on July 1, 2015.

Questions

The application process is easy. Please contact Development Director Becky Antczak with any questions at 610-259-2712 or via e-mail.

 

 

 

Holy Child Academy
475 Shadeland AvenueDrexel HillPA 19026
Tel:
610-259-2712

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