Tax Credit Program

What is the EITC?

The EITC is a win-win. Businesses that participate in the PA Educational Improvement Tax Credit Program (EITC), will not only directly help PA students attend our school, but will also be able to receive a tax credit of up to 90% of their contribution.

How does it work?

It’s easy.

  • First, make a contribution towards our school through the Penngift Foundation.
  • Get your tax credit and apply it against the tax year in which the gift was made.
    • Penngift offers a FREE tax credit application service.
  • Tax credits equal to 75% of the contribution (up to a maximum of $750,000) per taxable year can be increased to 90% of the contribution if the business provides the same amount for two consecutive tax years. (For example, if you sponsor one student at $17,000 for two years in a row your business will get a tax credit up to $30,600 of their $34,000 total contribution).

How does this help students in Pennsylvania?

It can make all the difference.

  • Funds generated through this program will be applied directly to PA students who require tuition assistance to attend Gregory the Great Academy.

I’m in – does my business qualify?

Most PA businesses qualify that do NOT file a Schedule C and who are subject to:

  • 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

This is an opportunity to do something good for a Pennsylvanian student or students, help a local school, and benefit your business at the same time. Contact Dan Schiller to learn more or to get started on your business’s participation in supporting Pennsylvanian students and the mission of Gregory the Great Academy. Thank you.

Dan Schiller
EITC Coordinator
dschiller@gregorythegreatacademy.org
518-560-9658