To make an EITC gift to Penn College, please contact email@example.com.
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 approved programs at Penn College considered "innovative educational programs" under the law and be considered for Educational Improvement tax credits from the state. Penn College Dual Enrollment—managed by the K-12 Outreach office at Penn College—is the EITC-approved program.
Penn College Dual Enrollment
Penn College Dual Enrollment is a nationally accredited dual enrollment program that features Pennsylvania College of Technology courses taught by approved teachers in the home school or career and technology center. The tuition is free for qualified students and gives students the chance to save time and money while they gain confidence and make a connection to the college experience. Learn more about Penn College Dual Enrollment.
Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.
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 are not refundable or transferable.
A business may receive a tax credit equal to 75% of its contribution, up to a maximum of $300,000 per taxable year. The tax credit can be increased to 90% of the contribution if the business agrees to provide the 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 that are authorized to do business in Pennsylvania and are subject to one or more of the following taxes may be eligible to apply for EITC:
- 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 partners