EITC – Educational Improvement Tax Credit Program
The Commonwealth of Pennsylvania’s Educational Improvement Tax Credit (EITC) Program is administered by the PA Department of Community & Economic Development (DCED) under Act 48. PA-EITC awards tax credits to businesses that make contributions to scholarship organizations and/or educational improvement organizations that are on a list approved and published by (DCED). Your contribution (largely offset by tax credits and federal tax deduction) can impact the number AND quality of the STEM-centered educational supplemental curriculum programs of the American Helicopter Museum and Education Center!
IN A NUTSHELL: PA-EITC for QUALIFYING and APPROVED BUSINESSES:
- Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.
- Tax CREDITS equal to 75 percent of its contribution up to a maximum of $750,000 per taxable year. Can be increased to 90 percent of the contribution, if business agrees to provide same amount for two consecutive tax years.
Businesses which qualify:
- 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
- Insurance Company Law of 1921
- Personal Income Tax of S corporation shareholders; partnership partners and LLPs; LLCs.
How does the EITC program benefit your company:
- By making a contribution to the American Helicopter Museum and Education Center through the EITC program you are supporting students of ALL ages (from pre-K through college) in application of science and technology in specific problem-solving: rotary-wing aeronautics.
- A sizeable contribution at very nominal, or NO out of pocket expense.
- Encouraging STEM academics pursuit and career paths in science, engineering and/or technology.
- Impacting where tax dollars are spent – by directing your taxes through tax credits.
For more information:
- Visit the PA Educational Improvement Tax Credit Program website: www.NewPA.com/eitc and/or contact your tax advisor.
If your business is already an approved PA-EITC participant:
Please provide us with a contact name of the EITC coordinator at your company (often CFO/Controller; or President)
If your business has not (or not in past two years) submitted for approval:
The submit for approval date is JULY 1. Contact us for assistance BUT the company must online submit to PA on JULY 1. The details are at: www.NewPA.com .
Click here for a list of Business Participants in the Educational Improvement Tax Credit Program in 2015
The American Helicopter Museum and Education Center is approved as an Educational Improvement Organization by the Commonwealth of Pennsylvania.
The bottom line: your company can provide substantial STEM education benefits at nearly ‘net $0’ ! Scores of classrooms and hundreds of students will not only learn and see important history – but many will be INSPIRED!!
For more information, please contact:
Sarah Sands, Executive Director, American Helicopter Museum and Education Center
610-436-9600 ext. 203