Scholarship Program
Full or partial scholarships funded by EITC grants may be awarded annually to students whose family meets the eligibility criteria. To apply, families must submit a financial aid application with their application for enrollment at Charlestown Play House. To be eligible a student's annual household income may not exceed $50,000, plus an additional income allowance of $10,000 for each dependent (as defined by the IRS) living within the same household. Further information is available through the school.
EITC - Educational Improvement Tax Credit Program
Tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization.
Eligibility:
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; or Mutual Thrift Institution Tax
Uses:
Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made
Amounts:
Tax credits equal to 75% of its contribution up to a maximum of $200,000 per taxable year; Can be increased to 90% of the contribution, if business agrees to provide same amount for two consecutive tax years; For contributions to Pre-Kindergarten Scholarship Organizations a business may receive a tax credit equal to 100% of the first $10,000 contributed and up to 90% of the remaining amount contributed up to a maximum credit of $100,000 annually.
Terms:
An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter; Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and is not refundable or transferable.
Where To Apply:
DCED Center for Business Financing,
Tax Credit Division, 4th Floor,
Commonwealth Keystone Building,
400 North Street, Harrisburg, PA 17120
(717)-787-7120
tknorr@state.pa.us.
EITC Business Guidelines http://www.newpa.com/download.aspx?id=150
Updated 2/02/2010