A gift to St. Thomas Aquinas can provide your business with a substantial Pennsylvania tax credit through the Educational Improvement Tax Credit Program (EITC) and/or the Opportunity Scholarship Tax Credit (OSTC) while giving tuition assistance to deserving students.
If your business is subject to one or more of the following PA taxes, it is eligible to participate in the EITC or OSTC programs: Personal Income Tax of S corporation shareholders or Partnership partners, Corporate Net Income Tax, Capital Stock Franchise Tax, Bank & Company Shares Tax, Title Insurance Companies Shares Tax, Insurance Premiums Tax, Mutual Thrift Institution Tax.
The process works like this:
Businesses must submit an online application for tax credit, which is available through the DCED website – www.newpa.com/ostc. If there are funds available and the company does not owe back taxes, DCED will send an approval letter to the applicant. The company then has 60 days to make its donation(s) to BLOCS or Children’s Scholarship Fund Philadelphia, with designation to (school) and then an additional 30 days to send proof of the donation(s) to DCED. This entire process must take no more than 90 days from the date of their approval.
Parents are also encouraged to apply for scholarships from Children’s Scholarship Fund — Philadelphia. There is no application fee, and the form can be filled out on their site — click here to find out if you qualify. The deadline is March 1, 2014.