What is it?

  • EITC is a state program that enables your business (and now Individuals) to redirect state tax dollars to CORPUS CHRISTI CATHOLIC SCHOOL.
  • Funds received under this program provide direct support to need-based tuition assistance subsidies for Corpus Christi Catholic School students.


Eligibility

  • Any C Corporation or S Corporation that pays the following Pennsylvania state taxes is eligible for the EITC program:
    • 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
    • Personal Income tax of S corporation shareholders or Partnership Shareholders
  • A recent change in the tax law allows individual Pennsylvania taxpayers to participate in PA’s EITC/OSTC Tax Credit Program.  PA has expanded the definition of a business to include a Special Purpose Entity (SPE). 


The Benefit to You

  • For businesses, 75% of your contribution to Corpus Christi Catholic School will go as a tax credit to your Business
  • This increases to 90% if you agree to contribute the same amount for 2 years
  • The 25% (or 10% for a two year commitment) that is not included in the tax credit may be claimed as a charitable donation on your federal tax return


How to Apply


Application Deadlines

  • May 16 – Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 16/17 to renew their 2-year commitment.
  • May 16 – Businesses who are in the middle of their 2-year commitment.
  • July 1 – All other businesses including initial applicants.

CORPUS CHRISTI CATHOLIC SCHOOL
EDUCATIONAL IMPROVEMENT TAX CREDIT (EITC) PROGRAM