CORPUS CHRISTI CATHOLIC SCHOOL EDUCATIONAL IMPROVEMENT TAX CREDIT (EITC) PROGRAM
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.
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
EITC & OSTC applications are filed via a single application at www.newpa.com