Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs allow companies like yours to give your corporate tax dollars to GA instead of PA!
• GA qualifies for both programs – businesses can apply to participate in both programs
• One year gifts get 75% credit; two year gifts get 90% credit
• It is very competitive to apply and receive credits, First Come First Served – Application opening is 12:01am July 1.
(if company is in the middle of a 2 year commitment OR renewing 2 year commitment, they can do that NOW – opened May 15 for them)
• NEW this year – PA has infused $25m more into the system ($125million total available, EITC was raised from $100m to $125m; OSTC is $50m).
• NEW this year – any undistributed credits will funnel back to either program that has applicants (so, if not enough OSTC applicants, $ will go to wait list EITC applicants…or vice versa), in short – all credits will be distributed, likely before January 1.
• NEW this year – some business partnerships (selected, must qualify) can transfer all or a portion of their approved tax credits to their shareholders, partners or even claim them on their personal tax returns
• NEW this year – PA has expanded the definitions of what kind of businesses can participate and what types of business taxes apply to be credited
Germantown Academy would like to ask you today to consider your company's contribution to GA and submit your application to the state as soon as possible. Email Martin Dean
in the Office of Institutional Advancement for more information.
CLICK HERE to learn more about EITC and OSTC and to see if your company qualifies to participate!