What is EITC?
EITC (Educational Improvement Tax Credit) was enacted by the Pennsylvania State Legislature in 2003. It provides a tax credit to corporations who make donations to state-approved scholarship organizations that open doors of opportunity.
Why Donate Through EITC?
Woodland Hills Foundation is an approved scholarship organization.
By making a tax deductible donation through the EITC program, not only do you receive a reduction in your tax liability, but your company is making a positive impact in our community by supporting the enriching educational programs in the Woodland Hills School District.
EITC provides companies with a 75% tax credit for donations to approved educational scholarship organizations. The tax credit increases to 90% if a company commits to making the same donation for two consecutive years. A business paying qualifying taxes in PA can receive up to $750,000 in tax credits annually. The state government allocates tax credits for education programs each year on a first-come, first-served basis until the credits run out. In effect, it costs businesses a dime to give a dollar.
What businesses and taxes are eligible?
The EITC program is available to businesses that file as S-Corporations, Partnerships, LLs or C-Corporations. Eligible taxes to which credits can be applied include:
Personal Income Tax
Capital Stock/Foreign Franchise Tax
Corporate Net Income Tax
Bank Shares Tax
Title Insurance & Trust Company Shares Tax
Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
Mutual Thrift Tax
Malt Beverage Tax
Retaliatory Fees under section 212 of the Insurance Company Law of 1921
Returning businesses: apply online beginning May 15.
New to these programs? Apply online beginning July 1.
Please note that applications are accepted on a “first come, first served” basis, and EITC in particular runs out of funds quickly, so it is important for new businesses to submit on July 1.
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