Educational Improvement Tax Credit (EITC) Program
The Pennsylvania College of Technology Foundation is approved by the Commonwealth as an Educational Improvement Organization under the Educational Improvement Tax Credit Program administered by the Pennsylvania Department of Community and Economic Development.
The designation means businesses may make contributions to the Foundation to support two programs at Penn College considered "innovative educational programs" under the law – SMART Girls and Penn College NOW – and be considered for Educational Improvement tax Credits from the state. Both programs are managed by the K-12 Outreach office at Penn College.
SMART Girls
SMART (Science and Math Applications in Real-world Technologies) Girls addresses the academic and social trend of girls shying away from math and sciences as they enter high school by giving girls grades 7-11 the opportunity to experience math and science as a foundation for careers in technology.
Penn College NOW
Penn College NOW allows high school students to earn Penn College credits through dual enrollment courses taught by approved high school teachers at the student's home high school or career and technology center. Currently there are 24 schools around the state participating in Penn College NOW.
To make a gift to Penn College through the EITC program, please contact Debra Miller.
Additional information for businesses interested in applying for Educational Improvement Tax Credits
Uses
Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.
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.
Funding
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.
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; Mutual Thrift Institution Tax; or Personal Income Tax of S corporation shareholders or Partnership partners.
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
RA-EITC@state.pa.us.
The Pennsylvania College of Technology Foundation, Inc. and Pennsylvania College of Technology are non-profit 501(C)(3) tax exempt organizations.
