Educational Improvement Tax Credit Program (EITC)
What is EITC?
Education Improvement Tax Credit (EITC) is a program enables businesses to set aside taxes towards educational scholarships. EITC is administered by the Department of Community & Economic Development (DCED) under Act 48 and 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.
If your company pays one of the PA taxes listed below, it may be eligible to receive tax credits which can be used to support St. Joseph School. We are under the name of Neumann Scholarship Foundation.
Corporate Net Income Tax
Capital Stock Franchise Tax
Bank & Trust Company Shares Tax
Title Insurance Companies Shares Tax
Insurance Premiums Tax
Mutual Thrift Institutions Tax
This means between 75% (1 year commitment) and 90% (2 year commitment) of your taxes can be used to fund scholarships to families who wish to send their children to St. Joseph School, but the cost is an obstacle for them.
What is SPE?
A branch of the PA Education Improvement Credits (EITC Program) is called A Special Purpose Entity (SPE) enables individuals to make a donation to St. Joseph School which will be used for tuition and receive 90% tax credit on your PA state taxes.
You Qualify if You:
• Are willing to contribute a minimum of $3,500. To see if you may qualify for 2019, you can find your PA tax liability on Form PA-40 Line 12 of your most recent tax return. (Please note 100% of contributions are distributed to St. Joseph School to be used for tuition assistance)
• Earn a minimum of $115,000 in state taxable income individually or together, if filing status is Married Filing Jointly
• Individuals or couples (Married Filing Jointly) – one must work for a business or own a business.
Click here for a Joinder Agreement.
How does this benefit SJY?
EITC dollars to are used to enable families who may not be able to afford Catholic school an aid in tuition. Most businesses and self-employed owners are eligible. Learn more about how you and your business can make a difference in providing a child with a quality Catholic education via EITC.
How do I apply?
Applications are due July 1st. Visit here for more information.
Kellie Frattone, Development Director, 717-755-1797 or Development@sjy.org