PA Tax Credit
Your Company Can Give Tax Dollars to GA instead of PA!
Pennsylvania has created and supported two transformational programs that allow companies who ordinarily pay state taxes doing business in state to direct their tax payments to schools like GA to provide Financial Aid support for some of PA’s most deserving and qualified students and families. In exchange, participating businesses are given a tax credit for that year by the state.
The Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs, for both of which GA is a qualified Scholarship Organization, are designed to provide educational opportunities at schools like GA for students who otherwise would be unable to attend. Some reside in the lowest performing public school systems in PA.
New Business applications are accepted for these programs each year on July 1. Renewal applications start May 15.
“The EITC program basically allows us to pay our company’s tax obligation directly to GA! The state, in turn, gives us a credit for 90% of the amount given to school. Essentially this program is a 10 to 1 match by the state, a win-win for our company and for the deserving students of Germantown Academy.”
- Larry Tornetta Jr., President, LFT Realty Group, Inc.
EITC or OSTC? GA is a qualified recipient of funds from both programs.
The EITC Program started in PA in 2001. The OSTC Program was launched in 2012.
PA distributes $75m in credits to EITC participant companies, and $55m to OSTC participant companies annually.
CLICK HERE for the lowest performing school districts in PA.