Educational Improvement Tax Credit [EITC] Program
Opportunity Scholarship Tax Credit [OSTC] Program
The Phelps School is eligible to receive corporate gifts through two innovative programs offered by the Commonwealth of Pennsylvania: the Educational Improvement Tax Credit (EITC) program and the Opportunity Scholarship Tax Credit (OSTC) program. Companies that do business and pay corporate and other taxes in Pennsylvania can receive substantial tax credits by redirecting their state tax dollars to The Phelps School in support of scholarships for underserved and deserving students.
The EITC Program and the recently established OSTC Program, which benefits students who reside in underperforming school districts, each provide wonderful opportunities to not only the business making the donation, but also the young men who rely on this support in order to attend The Phelps School.
Tax credits start at 75% of the donation amount for a one-year contribution and increase to 90% for a two-year contribution. Tax credits can be applied to as much as $800,000 in contributions each year through both EITC and OSTC programs. Furthermore, the 25% (or 10% for two-year commitment) that is not included in the tax credit may be claimed as a charitable donation on your federal tax return, which would reduce the cost of your donation to almost nothing!
The application process for changing the course of a young man’s life could not be simpler! Visit the EITC Website or contact the Advancement Office for more information on these programs.
C-Corporations, S-Corporations, Single & Multi-Member LLCs, and LLPs all qualify
Receive a tax credit in exchange for supporting Pennsylvania students
- Tax credits are more beneficial than deductions—it’s like sending your tax dollars to Phelps instead of to Harrisburg!
- The paperwork is a breeze—just a simple online application for each program.
- You also receive a deduction against net income as a charitable donation.
- May 15 – Business applicants who have fulfilled their 2-year commitment and wish to reapply for 2014 2015 to renew their 2-year commitment.
- May 15 – Businesses who are in the middle of their 2-year commitment.
- July 1 – All other businesses.
- OSTC applications are available NOW for immediate tax credits.
- Click here to download EITC application materials.
- Click here to download OSTC guidelines and materials.
To learn more about EITC or OSTC and how you can direct your dollars to benefit student scholarships, please contact Anne Schmitt, firstname.lastname@example.org, 610-644-1754.