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The PA EITC Program Now Allows Individuals To Participate In Tax Credit Incentives
PA individuals that are eligible may give to eligible organizations and receive PA state tax credits up to 90% of their charitable donation with a two-year commitment (75% for a one-year commitment).
College Settlement is an Educational Improvement Organization (EIO) approved by the Commonwealth of Pennsylvania’s Department of Community and Economic Development (DCED) and as such is authorized to receive donations through the EITC Program.
EITC now allows Individuals to give through a Special Purpose pass-through entity (SPE) that allows for the use of credits on joint personal income tax returns.
Giselle Cosentino, Executive Director
215-542-7974
Disclosure: Any advice contained herein (including any accompanying downloaded documents unless expressly stated otherwise) is not intended or written to be used, and cannot be used, (i) for purposes of avoiding tax penalties that may be imposed on any taxpayer or (ii) for purposes of promoting, marketing or recommending to another party any tax transaction or matter addressed herein.
Qualifying companies can receive tax credits equal to 75 percent of their contribution up to a maximum of $750,000 per taxable year. This can be increased to 90 percent of the contribution, if the business agrees to provide the same amount for two consecutive tax years.
If your employer participates in the program, we encourage you to request that your employer consider College Settlement to receive part of their annual donations. If a business that you own participates in the program we encourage your business to consider College Settlement to receive part of your business’s annual donations. Requests for EITC tax credits must be submitted by May 15. We add significant value to the teachers, students and school districts we serve. We are actively engaged in the education of children, teens and special needs students utilizing hands-on curriculum in the areas of environmental science (STEM), sustainability, nutrition, personal health, personal development and team skill building through camping and outdoors experiences. We are an Educational Improvement Organization (EIO) registered with the PA Educational Improvement Tax Credit (EITC) program.
Donations under the program to College Settlement would support our exciting educational work with children from school districts in Philadelphia and Montgomery County, in programs of one, three, or more days at our Camps at Horsham. This year we welcomed teachers and students from Title I Free and Reduced lunch schools who could only come because of the generosity of companies like Hatboro Federal Savings, Softerware, and BB&T Bank.
This program was created to provide an incentive for charitable giving by PA businesses to benefit innovative community education programs. This is actually a low-cost gift because the business is redirecting a portion of its Pennsylvania state business taxes to the participating EIO of your choice. A one-year commitment qualifies for a state tax credit of 75% of the contribution. A two-year commitment qualifies for a tax credit of 90%. This donation can also be claimed as a charitable contribution for federal tax purposes subject to certain limitations.
Tax credits under the program are limited to Pennsylvania state taxes in the year of donation and cannot be carried forward. You should consult with a tax advisor before your business makes a donation under the program.
Giselle Cosentino, Executive Director
215-542-7974
Disclosure: Any advice contained herein (including any accompanying downloaded documents unless expressly stated otherwise) is not intended or written to be used, and cannot be used, (i) for purposes of avoiding tax penalties that may be imposed on any taxpayer or (ii) for purposes of promoting, marketing or recommending to another party any tax transaction or matter addressed herein.
600 Witmer Road, Horsham, Pennsylvania 19044
office: 215-542-7974 | fax: 215-542-7457 | email: camps@collegesettlement.org
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