Tax Credit For Businesses

Tax Credit for Businesses

If you are a business owner or are responsible for taxes in your company, would you consider helping to fund scholarships at Greater Works Christian School for tax credits?

General Information:

Through the Pennsylvania Educational Improvement Tax Credit (EITC), businesses paying taxes in Pennsylvania can receive a tax credit for up to 90 percent of their taxes when they make a contribution to an educational or scholarship organization. Contributions can be in the form of a donation of cash, personal property or services.

The EITC program allows participation from businesses paying any of the following taxes – Corporate Net Income Tax; Capital Stock Franchise Tax, Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Title Insurance Premiums Tax; or Mutual Thrift Institution Tax.

How it Works:

• A tax credit of up to $300,000 can be applied against the tax liability of your business in the year the contribution is made.
• An initial tax credit of 75 percent of the contribution is given; the credit is increased to 90 percent of the contribution if the business agrees to provide same contribution for two consecutive tax years. The tax consequences for your Federal taxes are also quite favorable.
• Applications are processed, first-come-first-served, by the state until the credits available for that tax year are exhausted. The program is open for the 2024-2025 school year so we encourage you to plan ahead so you may participate for this coming school year.

For more information on the EITC program, contact Char Satira in the Office at 724.327.6500, ext. 135 or csatira@greaterworkschristianschool.org

Your participation in the EITC will be a blessing to our families while providing a generous tax credit for your business.

Children’s Tuition Fund:
What are the benefits of participating in a Special Purpose Entity?
• Receive a 90% PA state-tax credit toward your individual PA tax liability
• Provide scholarships to students at the private school of your choice
What do I need to do to participate?
• Individuals must work for a for-profit business or own a business
• If you work for a non-profit or a government entity you meet one of the
following qualifications:

• File taxes jointly and your spouse works for a for-profit business or owns their own business
• Own or purchase one share of a stock in a company that pays taxes in PA (example: Your local bank or utility company)
• Commits to participate and contribute for 2 years

If any individuals or businesses would like to participate NOW in a Special Purpose Entity (SPE) and receive tax credits for 2024, please complete the joinder agreement and return using the link below:

Joinder Agreement

To return the joinder agreement Click here.

If you have any questions, please email ctf_spe@acsi.org