Eitc (Educational improvement tax credit)
OSTC (Opportunity Scholarship Tax Credit)
As a business owner in Pennsylvania, you have the unique opportunity to choose to redirect a portion of your state tax funds to an educational institution of your choice.The EITC and OSTC programs are the most effective way companies doing business in Pennsylvania can help our school. The money goes directly to a tuition scholarship fund that enables SLS to offer tuition assistance for those who otherwise would not be able to afford this educational experience.
And we guarantee it won't cost your company anything, or we will reimburse you.
The application process is simple. A business is approved for a tax credit up to 75-percent of its contribution to a scholarship organization, up to a maximum of $750,000 per taxable year. The tax credit may be increased to 90-percent by signing up for a two-year commitment! Plus, your company can claim the charitable deduction for the IRS.
There is an application online at http://www.newpa.com/eitc which is sent to the PA Department of Community and Economic Development. Your application can be approved in just 48 hours. The applications are processed on a first-come first-served basis until the available tax credit money is exhausted.
New applications are due July 1. Those applying for a second year and beyond will apply on May 1.We hope you’ll consider giving to SLS! For more information and guidelines, email Lisa Osterhaus, President, or call her at 412-561-3583 x 1009.