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Tax Credit Opportunities & Member News

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Posted by: Bernie Dagenais on Wednesday, June 5, 2013 at 2:00:00 pm

Tax Credit Opportunities & Member News

Several Chamber member companies are keeping a close eye on July 1, when the state begins accepting requests to participate in Pennsylvania’s 2013-2014 Education Improvement Tax Credit Program. The allocated funds run out every year, so timing is important.

Under the EITC program, businesses can receive tax credits for up to 75 percent of the contribution they make to an approved educational program in Pennsylvania. In the second year of a two-year contribution, the tax credit can rise to 90 percent of the contribution.

In essence, businesses are redirecting a portion of their tax dollars to scholarship programs, pre-kindergarten organizations and educational improvement organizations that provide opportunity to Pennsylvanians. A dozen Chamber member nonprofits put the funds to good use. The EITC can be applied to seven state taxes including the corporate net income tax and the capital stock and franchise tax.

Pennsylvania businesses can apply for the tax credits through the Department of Community & Economic Development’s electronic application system at www.newpa.com.

Chamber member organizations that can benefit include Big Brothers Big Sisters of Southeastern Pennsylvania, Bryn Mawr Film Institute, Business Leadership Organized for Catholic Schools, Devereux, Eastern University, Girl Scouts of Greater Philadelphia and Southeastern Pennsylvania, Melmark, Philadelphia Youth Network, Radnor Education Foundation, Wayne Art Center, YMCA of the Upper Main Line and the Philadelphia Education Fund.

Member News: One of the best things about the work we do at The Main Line Chamber of Commerce is connecting people with each other and with opportunity, like the EITC program. In these pages, as in all our newsletters, you will find information about news developments within our member companies.

We hope to connect with you at our next Signature Program, the Celebration of Business Leadership, at lunchtime on June 27.

To read the full June issue, click here.

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