Tax credits to eligible businesses contributing to Valley Christian School Scholarship Program.
 

Guidelines

• EITC_Business_2010_F.pdf

Uses

Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.

Funding

Tax credits equal to 75% of its contribution up to a maximum of $300,000 per taxable year; Can be increased to 90% of the contribution, if business agrees to provide same amount for two consecutive tax years; For contributions to Pre-Kindergarten Scholarship Organizations a business may receive a tax credit equal to 100% of the first $10,000 contributed and up to 90% of the remaining amount contributed up to a maximum credit of $150,000 annually.

Eligibility

Businesses authorized to do business in Pennsylvania who are subject to one or more of the following 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 Institution Tax; or Personal Income Tax of S corporation shareholders or Partnership partners.

Terms

An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter; Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and is not refundable or transferable.

Where to Apply

DCED Center for Business Financing, Tax Credit Division, 4th Floor, Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120: (717)-787-7120 or RA-EITC@state.pa.us. Applications are approved on a first-come-first-served basis by date received. All funds for FY10-11 have been fully exhausted. Applications for 11-12 will be accepted beginning July 1, 2011 (July 8 for pass through credits).

FAQs

Organizational applications are accepted all year round. Renewals for 11-12 should be submitted beginning May 1, 2011. Renewals can take up to 60 days to review; if you want listed on July 1 submit on May 1. The 10-11 list will expire at midnight June 30th.

Organizational Guidelines (.pdf):

Scholarship Organization
Educational Improvement Organization
Pre-Kindergarten Scholarship Organization

List of Organizations (.pdf):

Scholarship Organizations
Educational Improvement Organizations
Pre-Kindergarten Scholarship Organizations

Contact at Valley Christian School

If you are interested in support VCS and feel that you have an opprutinity to do so through the EITC program you may send an email to Annette Tusing or call her at 215-947-4207 for assistance with any questions related to this program.