Educational Improvement Tax Credits (EITC) for Hampton Alliance for Educational Excellence (HAEE)
If given a choice of either sending a check to Harrisburg to pay for state taxes on your business earnings OR making a donation to the Hampton Alliance for Educational Excellence (HAEE) to help broaden the education of Hampton Township students, which would you chose? You have a choice through the Educational Improvement Tax Credit (EITC) program!
What is EITC?
Pennsylvania tax credits that are awarded by the Commonwealth to companies and business owners contributing to qualified organizations, such as HAEE, that provide educational programs.
Who is eligible?
Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes: Corporate Net Income Tax; Capital Stock Franchise Tax, Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; Mutual Thrift Institution Tax; or Personal Income Tax of S corporation shareholders or Partnership partners.
How much of a tax credit can I receive?
You may take up to $300,000 in credits annually against taxes owed. Tax credits equal 75% of the donation for a one-year commitment or a 90% credit for a two-year commitment of equal contributions.
Why are tax credits more attractive than a standard charitable deduction?
While deductions reduce your amount of taxable income, tax credits reduce your actual tax bill, dollar-for-dollar. Tax credits are utilized AFTER your tax liability is established.
How do I Participate in EITC?
If you are involved with a business that may be eligible, please discuss this opportunity with your tax advisor or for more information call for an application from the PA Department of Community and Economic Development at (717)-787-7120 or visit www.newPA.com/EITC
When to apply?
Both new and renewing EITC business participant receive approval on a first-come, first served basis. When the tax credits given to organizations equals the maximum allowed to be credited for the year, the Department of Community and Economic Development will close the EITC opportunity until the following year. Currently applications will be accepted beginning July 1st.
What is the Hampton Alliance for Educational Excellence?
HAEE is a non-profit volunteer organization founded in 1992 exclusively for the educational enrichment of the students enrolled in the Hampton Township School District (HTSD). Its mission is to encourage, support, recognize and reward excellence and innovation in the HTSD. Since its inception, HAEE has raised over $400,000. Each year, funds are given to the schools through grants that bring innovative programs and projects to the schools. HAEE P.O. Box 473, Allison Park, PA 15101 www.HamptonAlliance.org
EITC Business Guidelines: Click Here for PDF
Business Application Form: Click Here to Link to Form