The amount of tax credits available under the Pennsylvania Education Improvement Tax Credit (EITC) program has increased for the 2015/2016 fiscal year from $100 million to $125 million. The PA Department of Community & Economic Development began accepting new applications on July 1, 2016. This potentially allows more participants to utilize a very popular program.
The EITC provides credits to eligible businesses contributing to scholarship organizations and educational improvement organizations, in order to promote expanded educational opportunities for students in Pennsylvania.
Pennsylvania Opportunity Scholarship Tax Credit
Another education scholarship program that PA has is called the Pennsylvania Opportunity Scholarship Tax Credit (OSTC) program. This program provides tax credits to eligible businesses contributing to Opportunity Scholarship Organizations to provide tuition assistance in the form of scholarships to eligible students residing within the boundaries of a low-achieving school to attend another school that participates in the program. The funding for this program did not increase and remains at $50 million. However, this program is more restrictive, and excess funds have been available in past fiscal years. It is potentially not too late to apply today. Acceptance of new applications also began on July 1, 2016.
Contribute to your favorite eligible participating organization today. You can visit the PA website for more information by clicking the link PA EITC or PA OSTC.
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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.