West Chester Friends School

EITC

 
The Educational Improvement Tax Credit Program (EITC)
 REGISTRATION FOR THE 2012-2013 EITC PROGRAM IN UNDERWAY AS OF APRIL 1st.
FUNDS ARE LIKELY TO BE AVAILABLE ON JULY 1, 2012, SO BE SURE YOUR
REGISTRATION OR RENEWAL IS COMPLETE BY THAT TIME.
FUNDS ARE AWARDED ON A FIRST COME, FIRST SERVED BASIS, SO DON'T DELAY!
 
THANK YOU  ADVANCED RAIL, AQUATERRA TECHNOLOGIES, 1N Bank, DNB FIRST, BRYN MAWR TRUST and PHILIP ROSENAU, INC. FOR YOUR GENEROUS CONTRIBTIONS TO WCFS THROUGH EITC!

What is the Educational Improvement Tax Credit Program?
The Pennsylvania Educational Tax Credit (PA EITC) program allows businesses in the Commonwealth to earn a tax credit of up to 90 percent of certain Pennsylvania taxes with a donation to a "scholarship organization," a special category under the state tax code.
 
 
West Chester Friends School is a registered organization, so a gift to the School may result in a substantial tax credit, not simply a tax deduction.  In other words, it costs a dime to donate a dollar.
Funds received under this program provide direct support to WCFS's need-based scholarship program.  Please consider helping your local community by making a West Chester Friends School experience possible for additional qualified students through this unique program.
 
 
Who's Eligible?
Businesses authorized to do business in Pennsylvania are subject to one or more of the following taxes: Corporate Net Income Tax; Capital Stock Franchise Tax, Banka nd Trust Company Shares Tax; Title Insurance Companies Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; or Mutual Information Tax.
 
 
What's the Tax Benefit?
Tax credits equal to 75% of the contribution up to a maximum of $200,000 per taxable year; can be increased to 90% of the contribution if business agrees to provide the same amount for two consecutive years.  For contributions to pre-kindergarten scholarship organizations, a business may receive a tax credit of 100% of the first $10,000 contributed and up to 90% of the remaining amount contributed up to a maximum credit of $100,000 annually.  Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.
 
 
Are There Restrictions?
Applications are processed on a first-come-first-served basis by day submitted.  The donors must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter.  Tax credit not used in the tax year the contribution was made may not be carried forward or carried back and is not refundable or transferable.
 
 
Where to Apply?
DCED Center for Business Financing, Tax Credit Division (717) 787-7120, or tknorr@state.pa.us.  Guidelines are available online at www.newpa.com
 
 
Need More Information?
Call Karen Iacobucci, Director of Development, West Chester Friends School, 610-696-2820, or kiacobucci@wcfriends.org