Educational Improvement Tax Credit

The Educational Improvement Tax Credit, established by Act 4 (H.B. 996, P.N. 1878, Session 2001), potentially allows businesses to significantly reduce their state tax liability (e.g., 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) by contributing/donating (cash, personal property, or services) to a nonprofit educational improvement or nonprofit scholarship organization.

The Educational Improvement Tax Credit is administered by the Department of Community and Economic Development. EITC provides companies with a 75% tax credit for donations they make to a non-profit educational improvement organization. The tax credit increases to 90% if the company commits to making the same donations for two consecutive years. A business paying taxes in Pennsylvania can receive up to $750,000 in tax credits annually. More importantly, the EITC provides children and families with a choice in their education and a chance in life. Through the Educational Improvement Tax Credit (EITC) program, Pennsbury Manor receives much needed financial assistance to provide an award-winning, “hands-on-history” approach to learning for our 10,000+ annual student visitors.

Click here for more information on the EITC program.