What is EITC?
This program, run through the Commonwealth of Pennsylvania, was designed to offer tax credits to eligible businesses with the credits being designated to a Scholarship Organization, an Education Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization. Harrisburg Academy is an approved scholarship organization and is qualified to receive donations from corporations for financial aid through the EITC program.
How does it work?
The Commonwealth of Pennsylvania awards businesses tax credits for making a contribution to Harrisburg Academy. In other words, businesses can get a tax credit equal to 75% of its contribution up to $300,000 per taxable year. This can be increased to 90%, if business agrees to provide the same contribution for two consecutive years
How do Academy students benefit?
Choosing and independent school education is a major financial decision for families. Because Harrisburg Academy strives to maintain affordability and an excellent education, EITC scholarships allow families with demonstrated financial need the ability to seek an Academy education.
How can YOU help?
Businesses authorized to do business in Pennsylvania who are 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; or Personal Income Tax of S corporation shareholders or Partnership partners can apply for the EITC program.
Where can you find more information?
Work with your financial manager to determine if you are eligible and then contact: DCED Center for Business Financing, Tax Credit Division, 4th Floor, Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120. Phone: (717) 787-7120 or RA-EITC@state.pa.us. Applications are approved on a first-come-first-served basis by date received. Applications cannot be accepted before July 1 and tax credits are awarded on a first come, first served basis. All funds for FY10-11 have been fully exhausted. Applications for 11-12 will be accepted beginning July 1, 2011 (July 8 for pass through credits).
If you are a first time applicant or a renewal applicant, we encourage you to fax your application to the PA Department of Community Economic Development at (717) 772-3581 or email to tknorr@state.pa.us on July 1, 2011. For more information, go to www.newpa.com/EITC.
Other Important Information:
You have 60 days to make your contribution to Harrisburg Academy. The Academy will then submit proof of your contribution to you for submittal to the Department of Economic Development. Proof must be provided to the DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter. Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and are not refundable or transferable.
