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If you own or
work for a corporation authorized to do business in Pennsylvania,
your company can make a contribution of cash, personal property or services and receive a state tax credit for
your contribution. It is the enhanced Pennsylvania Education
Improvement Tax Credit Program.
This is how it
works!
Tax credits are
limited to 75% of the amount contributed, with a maximum credit of
$100,000 annually (meaning the business would have maximum tax
credit amount). If a business agrees to make the same contribution
to an organization for two consecutive tax years, it may receive a
tax credit equal to 90% of its contribution, again up to a maximum
of $100,000 annually (meaning the business would have to contribute
$111,111 each year for two years in order to obtain the maximum
credit amount). Tax credits may be applied to the Corporate Net
Income Tax, Capital Stock Franchise Tax, Bank and Trust Company
Shares Tax, Title Insurance Company Shares Tax, Insurance Premiums
Tax or Mutual Thrift Institutions Tax.
Application and
Approval
Eligible
businesses must submit a completed application signed by the chief
executive officer or other officer capable of making commitments for
the business. Once the business has been approved for the tax credits, the business must make its
contribution to the listed organization or education improvement
organization within 60 days of the date of the notification letter.
For more
information or to obtain an application please go to the
InventPA website.
You can also find more information at
www.blocs.org
and
www.blocs.org/taxcrindex.htm
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