EDUCATIONAL IMPROVEMENT TAX CREDIT
Your company can help promote arts and science education in our region through the Educational Improvement Tax Credit (EITC) program. By making a contribution to the Everhart Museum of Natural History, Science & Art through EITC, your company can receive Pennsylvania State tax credit equal to 75 percent of your contribution. If your company commits to the program for two consecutive years, the credit will be 90 percent of your contribution.
How the program works:
Almost $100 million is available on a first-come-first-served basis for contributions to organizations like the Women’s Resource Center.
Companies in Pennsylvania that pay any of the following taxes to qualify to participate in the EITC program:
- Corporate Net Income Tax
- Capital Stock Franchises Tax
- Bank and Trust Company Shares Tax
- Title Insurance Companies Shares Tax
- Insurance Premiums Tax
- Mutual Thrift Insurance Premium Tax
Frequently asked questions about the EITC Program
Who may make EITC gifts?
Many businesses such as the following types:
- C-Corporations (taxed at the corporate level)
- Sole Proprietors
- Limited Liability Companies (LLC’s)
- Subchapter S corporations and other businesses that pay State business taxes under the personal income tax on PA business income
How much of a business’ tax liability can be donated to the Everhart Museum through EITC?
Businesses can receive a tax credit equal to 75% of a contribution up to $300,000 per year. The credit increases to 90% if the business agrees to provide the same amount for two years.
For additional information, visit www.newpa.com/EITC.