Do you want to participate in a program that benefits PMFS students and your business? EITC is a gift to PMFS and a tax credit for your business all rolled into one.
In 2001, the Commonwealth of Pennsylvania established the Educational Improvement Tax Credit (EITC) program to encourage the business community to make contributions to benefit Pennsylvania low-income students in exchange for substantial tax credits. Plymouth Meeting Friends School has been a recognized as a scholarship-providing organization since the program’s inception. A series of gifts from companies has been received, helping low-income Pennsylvania students to attend Plymouth Meeting Friends School.
Any business that pays Corporate Net Income Tax, Capital Stock Franchise Tax, Bank and Trust Company Shares Tax, Title Insurance Companies Share Tax, Insurance Premiums Tax, Mutual Thrift Institutions Tax, or Personal Income Tax of S Corporation Shareholders or Partnership is eligible. Businesses that participate in the EITC program receive a 75% credit against taxes owed, up to a maximum of $300,000. If a two-year commitment is made (for an equal amount each year), the tax credit the second year is 90%, again up to a maximum of $300,000.
Tax credits are distributed on a first-come, first-serve basis and applications were accepted beginning July 1, 2010. There are still tax credits available for the EITC program. To learn more, please contact Ralph Henninger, Director of Development, at 610-828-2407 or ralphh@pmfs1780.org.