Tax Credit Donations
Pennsylvania’s Educational Improvement Tax Credit (EITC) and OpportunityScholarship Tax Credit (OSTC) Programs
The Pennsylvania Department of Community and Economic Development administers an exciting opportunity for businesses to redirect their Pennsylvania tax dollars to Inn Dwelling. Funds through EITC and OSTC provide dollars that we can use as scholarships for our students.
How the Programs Work
If a business pays certain Pennsylvania taxes, those taxes may be given to Inn Dwelling instead of paid to the Commonwealth.
Types of Taxes that are Eligible for EITC and OSTC:
- 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 of LLC, LLP, S Corporations, and Partnerships
Applications for the Pennsylvania Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs will become available on July 1st for businesses who have not participated before.
Businesses in Pennsylvania can receive up to a 90% tax credit by donating to Inn Dwelling through the Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs. By directing tax dollars your business will already be paying, you can help provide a quality education for children who otherwise would not be able to afford it. Applying for these credits is easy.
Inn Dwelling works with BLOCS, Business Leadership Organized for Catholic Schools, to process tax credit donations.
To Apply:
STEP 1
The online application can be filed out with the Department of Community and Economic Development (DCED).
STEP 2
Once approved by the DCED, the business has 60 days from the date of the letter to make the charitable contribution to BLOCS. When making your donation to BLOCS, please indicate that you would like to set aside the donation for Inn Dwelling students.
STEP 3
Within 90 days of the letter from the DCED the business must send proof of the contribution to the DCED. This would be the written acknowledgment from BLOCS.
STEP 4
The DCED will then notify the PA Department of Revenue to have the credit applied to the taxpayer’s account.