If you own a business, the Pennsylvania Educational Improvement Tax Credit (EITC) program could be beneficial to you. EITC is a great way for you to get a substantial tax credit for your business, and support the Women and Girls Foundation at the same time. Every gift made by a Pennsylvania business through EITC helps WGF break down barriers for women and girls and support talented young women in our GirlGov program. We greatly appreciate all gifts that enable us to offer GirlGov – free of charge – to 100 girls annually.
The application process could not be simpler for your company. Visit the wgfpa.org/EITC to learn more, or contact Tara Simmons at 412-258-2568 or firstname.lastname@example.org. We welcome your questions and hope the EITC program can be beneficial for your company AND the Women and Girls Foundation.
Educational Improvement Tax Credit (EITC) Overview
Pennsylvania’s Educational Improvement Tax Credit program enables businesses to reduce their state tax liability by earning credits in exchange for donations to approved educational improvement organizations such as the Women and Girls Foundation.
EITC provides companies with a 75% tax credit for donations to approved educational improvement 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.
EITC Business Benefits
There are several benefits to participating in EITC:
- Reduce your corporate state tax burden.
- Take a charitable giving deduction on Federal taxes.
- Help WGF to foster civic engagement among high school girls in Pennsylvania.
How to Apply
Pennsylvania businesses can begin applying for EITC credits through DCED’s electronic single application system. DCED will no longer require applicants to mail the signed signature page. The business application guide explains the process of applying. Tax credit applications will be processed on a first-come, first-served basis by day submitted. All applications received on a specific day will be processed on a random basis before moving on to the next day’s applications. Applications will be approved until the amount of available tax credits is exhausted.
Companies authorized to do business in Pennsylvania who are subject to one or more of the following taxes:
- 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.