Businesses Can Support Catholic School
Through EITC Program
Applications for tax credits due by June 30
Each year more than 1,100 students are able
to attend Diocesan Catholic schools thanks
to area companies generously supporting the
Educational Improvement Tax Credit (EITC)
program. In the current academic year, EITC
contributions totaled $921,525. This
assistance reaches into every school system
and grade from pre-kindergarten through high
school seniors.
Established in 2001, the EITC program has
been an outstanding way for community-minded
businesses to reduce their amount of taxable
income and provide thousands of families the
opportunity to choose Catholic education.
Tax credits reduce businesses’ actual tax
bill, dollar-for-dollar.
Now is the time for companies to renew
participation or to enter into the program
for the coming academic year. Businesses
qualify if they pay any of the following
Pennsylvania taxes: Corporate Net Income
Tax, Capital Stock and Franchise Tax, Bank
and Trust Company Shares Tax, Title
Insurance Companies Shares Tax, Insurance
Premiums Tax, the Mutual Thrift Institutions
Tax, and Personal Income Tax Liability Tax..
A policy change made last year now opens
participation
to
Subchapter S corporations and other business
entities that pay their state business taxes
under the personal income tax on
Pennsylvania business income.
Requests by families for financial aid to
attend Catholic schools continue to grow. We
are already seeing an increase for the
2009-10 year and increased participation in
the EITC program is vital to help meet these
needs.
Immediate action is required on three
fronts:
Current EITC Participants:
The renewal period is now open and renewal
commitments must be received by Tuesday,
June 30, 2009 to be processed prior to other
applications received. Forms and information
have been mailed to all current
participants. If you are an existing
participant and have not received renewal
information, or if you have questions,
please call the Diocese Development Office
at 570-207-2250.
Past EITC Participants:
Now is your opportunity to re-commit to
helping our young children receive a
quality, Catholic education. Your past
assistance provided critically needed
assistance for future students. Funds
received through EITC support are used in
the academic year in which they are received
and must be renewed annually if assistance
is to be there in subsequent academic years.
New Partners:
For those companies that have not yet been
asked to participate, please consider this
your invitation to become involved. You can
make a difference in our community, and to
the families of your employees and
customers. It is a meaningful way for you to
impact the lives of young people and their
future. Members of the Diocese development
team are prepared to visit with you, provide
information on the program, discuss your
specific situation, and assist you with the
enrollment program. To explore your options,
please call the Diocese Development Office
at 570-207-2250.
More than 3,200 businesses across
Pennsylvania have provided more than
$350,000,000 to the EITC program since its
inception. This is your opportunity to join
with other leading companies who chose to
help strengthen Pennsylvania’s future
through a strong education of our current
generation of students.
Your help is needed. Together, your company
and the Diocese can do great things for our
students.
