Pennsylvania provides a program to help fund financial aid so that students can attend schools like ours.
The Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) are two Pennsylvania tax incentive programs that provide tax credits to PA businesses that make donations to scholarship organizations such as the Episcopal Academy. Both programs provide a credit worth 75% of the total donation for a single year commitment and a 90% credit if the gift is committed for 2 consecutive years.
– Businesses applying for the first time can start applying for both programs on July 1st of 2014. Businesses that are re-applying can do so starting on May 15th.
– This program is eligible for all businesses that pay PA state corporate taxes. It does not have to be an exclusively PA incorporated business.
How are we doing?
– Gifts given to Episcopal through the EITC provide financial aid to students from low income households.
– Episcopal has over 150 students who are eligible to receive funding through EITC and over 50 that are eligible to receive funding through the OSTC.
– In 2013, Episcopal received $146,000 in donations made by 18 businesses through the EITC, and received received $115,000 in donations from 4 businesses through the OSTC.
– In 2014, Episcopal received $565,011 in donations made by 14 businesses through the EITC, and received $483,750 in donations made by 10 businesses through the OSTC.