EITC Program

PENNSYLVANIA'S EDUCATIONAL IMPROVEMENT TAX CREDIT PROGRAM

Your tax liability can become a dream come true for a qualifying family
at the Academy In Manayunk.

What is the Educational Improvement Tax Credit (EITC) Program?
Corporations (both "C" and "S") can significantly reduce their Pennsylvania state tax liability by receiving tax credits for donations to state-approved scholarship organizations such as the Academy In Manayunk. And now, owners of sub-chapter S corporations, partnership partners, and other small and medium-sized businesses that pay personal income tax on PA business income can fully participate in the program as well.

Corporations and business owners can choose to provide needs-based scholarships to lower and middle income families attending the Academy In Manayunk. The Educational Improvement Tax Credit (EITC) program will provide $44.6 million in tax credits in 2008-09 to corporations and business owners that donate money to scholarship programs that serve private schools. Currently, over $9 million remains for contributions to Scholarship Organizations such as the Academy In Manayunk.

Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes are eligible to participate in the EITC Program:

  • 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, and now
  • Personal Income Tax of S Corporation Shareholders and
  • Partnership Partners

Participants in the EITC program may receive a state tax credit for up to 75% of their contribution up to a maximum of $300,000 per taxable year; the credit can be increased to 90% of the contribution, if the corporation or business owner agrees to provide the same amount for two consecutive tax years.

Participants that make donations to the Academy In Manayunk can also claim a charitable tax deduction on their federal tax return.

How can I apply?
An applications form and guidelines can be downloaded at www.newpa.com (Search EITC Business Guidelines).

For program inquiries or delivery of application via mail, fax, email, or in person:
Department of Community and Economic Development
The Educational Improvement Tax Credit Program
Center for Business Financing - Tax Credit Division
400 North Street, 4th Floor, Commonwealth Keystone Building
Harrisburg, PA 17120-0225
Telephone: 717-787-7120 w Fax: 717-772-3581 w Email: tknorr@state.pa.us

It is with deep appreciation that we thank the following companies for their generosity which has allowed more students to benefit from the research based programs taught at the Academy In Manayunk:
  • Aetna
  • Beth Allen Equipment
  • Bravo Foundation
  • CJ Resources, Inc.
  • Delaware Investments
  • Evolution Marketing Research
  • Haverford Trust Company
  • Penn Liberty Bank
  • Philadelphia Insurance Companies
  • Philip Rosenau Company
  • Providence Properties
  • UHS of Delaware, Inc.
  • Weight Watchers Inc.