Create an Endowment Fund
In addition, SSA can work with you to establish an endowment, which is funded by an initial gift in the amount of at least $5,000.
PENNSYLVANIA'S EDUCATIONAL IMPROVEMENT TAX CREDIT PROGRAM
You can reduce your Business Tax Liability and support SSA through the Pennsylvania's Educational Improvement Tax Credit Program!
Reduce your Business Tax Liability & Support SSA!
What is the Educational Improvement Tax Credit (EITC) Program?
Offered by the Pennsylvania Department of Community and Economic Development (DCED), this program allows businesses to receive significant tax credits when they contribute to a qualified Educational Improvement Organizations (EIO) such as State Street Academy. Funding from the EITC program allows SSA to provide high-quality music instruction and activities to students in Harrisburg and it’s surrounding counties who have shown talent and promise in the field of classical music, regardless of ability to pay.? SSA provides instruction in a full range of musical activities including instrument, voice, performing ensembles, music theory and history. The EITC Program only funds “innovative educational programs” that are pre-approved by the DCED as an EIO. It does not fund general operating expenses.? Act 48 of 2003 provides the establishment of the EITC Program which amends the Pennsylvania Public School Code to authorize tax credits for businesses that make contributions to an Educational Improvement Organizations (EIO).
What is an Educational Improvement Organization (EIO)?
EIOs are non-profit organizations that have been approved by DCED for participation in the EITC Program. To become an EIO, the non-profit must apply to the DCED to show how their programs improve the educational opportunities for children. State Street Academy has been designated an eligible EIO since 2009.
What businesses are eligible?
Businesses that pay the following Pennsylvania taxes:
Corporate Net Income Tax
Capital Stock Franchise Tax
Bank and Trust Company Shares Tax
Title Insurance Companies Shares Tax
Insurance Premiums Tax
Mutual Thrift Institutions Tax
Personal Income Tax or S Corporation Shareholders or Partnership Partners
Why should your business give?
Your business will receive a 90% tax credit if you sign up for two years in the program and a 75% tax credit if you sign up for one year. Eligible businesses can receive up to $200,000 in tax credits per taxable year. Plus, you are helping support State Street Academy’s intense music education program that introduces students to the wonders and joys of music and helping them develop talent and opening doors to new opportunities in life.
When does the tax credit program begin, and how much is available?
The program year is July 1 through June 30. The filing date is July 1 for first year applications and May 15 for year two (renewal) applications. Applications for tax credits are processed until the credits are exhausted; therefore it is important for your business to submit your application on July 1*.
How do businesses apply for the tax credit?
The process is simple. Businesses must submit a brief application to the DCED stating what amount they plan to contribute. The DCED will notify businesses if their applications are approved. After receiving approval, businesses have 60 days to make the contribution to an approved Educational Improvement Organization. The business must also send the DCED a copy of the confirmation of contribution from the EIO.
Get started today!
Determine the amount of state corporate taxes that your company pays. Fax the application to the EITC offices at 717-772-3581 or mail it to the EITC offices:
Department of Community and Economic Development
Center for Business Financing, Tax Credit Division, 4th Floor
Commonwealth Keystone Building
400 North Street
Harrisburg, PA 17120-0225
(717) 787-7120 or firstname.lastname@example.org
FAX (717) 772-3581
*The EITC Offices must receive the application on July 1, not before.