Redirecting your Tax Dollars to the Regina Academy
Educational Improvement Tax Credits (EITC)
Your Pennsylvania Tax Credit Can Help Provide a Classical Education for a Future Leader
The State of Pennsylvania recognizes the huge taxpayer savings when children are not educated in public schools. Part of this savings is passed on to private schools with tax CREDITS, dollar-for-dollar. You can support The Regina Academy and receive a tax credit for your business or personal income tax for 90% of your donation: Tax credits are available to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization.
EITC is a program that created a means for the business community to be involved with education, allowing the business community to support students of non-public schools by directing their tax payments through local non-profits as tuition assistance subsidies.
The Educational Improvement Tax Credit (EITC), provides companies with a 75% tax credit for donations to a non-profit scholarship or educational improvement organization. The tax credit increases to 90% if the company commits to making the same donations for two consecutive years. A business paying taxes in Pennsylvania can receive up to 400,000 in tax credits annually. More importantly, the EITC provides children and families with a choice in their education and a chance in life.
Six Easy Steps
- All applications for EITC and OSTC are done online. Contact us for helpful guidelines
- Donor fills out the application and submits the application online. New applications are saved online and submitted on July 1st of each year.
- Donor will receive letter from PA with tax credit approval.
- Donor, once approved, sends the check to a state approved Scholarship Organization and designates the school/s that the donor has chosen to support.
- The Scholarship Organization will send a receipt to the Donor.
- Donor applies EITC tax credit to PA tax return and takes the tax deduction on the Federal Tax return.
NOTE: S-Corps, LLCs and other pass through tax entities can pass the donation directly to the personal income tax of the business partners. It’s that simple!
Feel the pride of knowing that your company is making a significant difference in the education of students through your tax dollars!
Special Purpose Entity (SPE)
Note that there is a new Regulation of PA Act 194 that amended Article XVII-F of the Tax Reform Code – effective Oct. 31, 2014 – as they relate to the EITC and OSTC tax credit for education rules. This new regulation has the effect of allowing individuals who do or do not own a company to get the same tax credit privileges for donations to private schools through the EITC and OSTC program in the state of Pennsylvania by participating in a Special Purpose Entity (SPE).
For more information, please contact our Director of Advancement, Mathew McKernan or via email: firstname.lastname@example.org or visit The Foundation for Catholic Education website: https://www.foundationforcatholiceducation.org/eitostc