The General Assembly has introduced 2 bills that restore the EITC to $75 million. HB 2508 (introduced by Speaker Keith McCall)and SB 1370 (introduced by Senator Piccola) received a plethora of co-sponsors and were introduced a few weeks ago. You can voice your support of these bills by contacting your legislators directly on our website – www.operationrestorepa.org or www.paschoolchoice.org.
Find Operation Restore on Facebook.
EITC is supported by local business friends of Seton. When funds are available, they will be offered to those families who qualify. Listed below are the local businesses who participate in this program. If you are a business and would like to participate or know more about this program, please contact Director of Advancement, Jamie Longo at 814-336-2320.
• Bush Investment Group - Greg Bush, Owner
• Hubbard Bus Service, Inc. - Jeff McFadden, Owner
• Street, Track n' Trail - Dick Leply, Owner
• Venango Valley Inn & Golf Course - Durbin & Kim Loreno, Owners
• Jetair, Inc. - Tamara Fletcher, Owner
Tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization.
PLEASE NOTE:
All credits for the current 2009-2010 fiscal year have been fully exhausted and any application received will be placed on a waiting list to be approved if credits become available. Application for the 2010-11 fiscal year should be submitted beginning July 1, 2010.
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% of its contribution up to a maximum of $300,000 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 $150,000 annually.
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; or Personal Income Tax of S corporation shareholders or Partnership partners.
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.
DCED Center for Business Financing, Tax Credit Division, 4th Floor, Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120: (717)-787-7120 or tknorr@state.pa.us. Applications are approved on a first-come-first-served basis by date received.
Click Here for Business Application
