Educational Improvement Tax Credit (EITC)
APPLY BY JULY 1ST to Participate in a tax credit program to direct how your PA tax dollars are spent.
NEW! Businesses, as well as individual taxpayers, can now participate in this program.
By participating in the Pennsylvania Educational Improvement Tax Credit (ETIC) program, businesses and individuals can control how their tax dollars are being spent – all while supporting the Beat The Streets Philadelphia.
The Educational Improvement Tax Credit allows businesses to significantly reduce their Pennsylvania state tax liability by receiving tax credits for contributions to state-approved Educational Improvement Organizations such as Beat the Streets Philadelphia.
A business may receive a tax credit equal to 75% of its contribution to Beat the Streets Philadelphia, up to a maximum of $750,000 per taxable year! This tax credit may be increased to 90% of the contribution made if the business firm agrees to provide the same amount of contribution for two consecutive years.
Almost any business who pays taxes to the state qualifies to participate.
Businesses authorized to do business in Pennsylvania are eligible if they are subject to one or more of the following taxes:
- Personal Income Tax
- Capital Stock/Foreign Franchise Tax
- Corporate Net Income Tax
- Bank Shares Tax
- Title Insurance & Trust Company Shares Tax
- insurance Premium Tax
- Mutual Thrift Tax
- Malt Beverage Tax
- Retaliatory Fees under section
HOW IT WORKS?
Business and individuals that pay taxes to Pennsylvania complete a simple online application to participate in the EITC program to support Beat the Streets Philadelphia by July 1st
- Upon approval the taxpayer can receive a credit for a gift to Beat the Streets Philadelphia
- Beat the Streets Philadelphia provides documentation verifying the donation
- Some individuals and businesses may also be able to claim a portion of their gifts as a charitable tax deduction on their Federal tax return
- Beat the Streets Philadelphia uses these funds to support approved programs to alter the life trajectory of students
If you are interested Contact James Mangan via email at JMangan@btsphilly.org or by phone at 215-454-2255