Business & Merchant
- Last Updated on Thursday, 09 May 2013 03:08
The Washington County Community Foundation is encouraging local businesses to review the Commonwealth’s 2013 Educational Improvement Tax Credit Program (EITC) Business Guidelines to see if their contributions would qualify for tax credits.
.jpg) Janice Woods, an educator at John F.
Kennedy Catholic School and Polly Musar, Vice President of First Niagara Bank, pose with a group of children from the school’s pre-school program. First Niagara is a contributor to the WCCF’s EPK Fund. |
Authorized Pennsylvania businesses subject to one or more of the following are eligible:
• 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
• Insurance Company Law of 1921
• Personal Income Tax of S corporation shareholders or Partnership partners
In fiscal year 2013-14, all applicants must submit the DCED’s Single Application for Assistance electronically. Both the business guidelines and application can be accessed on www.wccf.net.
Business applicants who have fulfilled their 2-year EITC commitment and wish to reapply, as well as businesses in the middle of their 2-year commitments, may apply on May 15. All other businesses may apply on July 1, including S-Corporations, Partnerships, LLs, etc.
A corporation can receive tax credits equal to 75 percent of its contribution up to a maximum of $750,000 per taxable year. This amount can be increased to 90 percent of the contribution, if the business agrees to provide the same amount for two consecutive tax years. For contributions to the pre-school scholarship program, a business may receive a tax credit equal to 100 percent of the first $10,000 contributed and up to 90 percent of the remaining amount contributed up to a maximum credit of $200,000 annually.
The WCCF has created three pass-through funds to accept EITC contributions. The EPK Fund awards pre-school scholarships for financially needy students to attend qualifying pre-school programs. The ESO Fund awards scholarships for financially needy students to attend qualifying K-12 private schools. The EIO Fund awards grants to innovative programs at local public schools.
The generosity of the Foundation’s many corporate contributors has made it possible for the WCCF to award more than $870,000 in grants and scholarships through the EITC program.
First Niagara Bank has been an EPK Fund contributor since 2011. Polly Musar, Vice President of First Niagara, recently visited John F. Kennedy Catholic School in Washington to meet administrators and students attending the pre-school program. This year, the WCCF awarded a total of $51,510 in EPK Fund scholarships to students at four participating schools: Calvary Chapel, JFK Catholic School, the Village of FPC, and the Mon Valley YMCA. These scholarships were sponsored by First Niagara and several other corporate contributors.
Additionally, the WCCF has been approved as a K-12 Opportunity Scholarship Tax Credit (OSTC) Program organization. This designation enables PA corporations to contribute up to $400,000 annually to the WCCF and receive tax credits of up to 90 percent of the contribution. Through the WCCF’s EOS Fund, scholarships will be awarded to financially needy students, as determined by state income guidelines, who reside within the boundary of a low-achieving school to attend a participating nonpublic school or a participating public school outside of the recipient’s school district of residence. “Low-achieving schools” are defined as a public elementary or secondary school in Pennsylvania ranking in the bottom 15 percent of their designation as an elementary or secondary school based upon combined math and reading PSSA scores.
For more information, please visit www.wccf.net.
• 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
• Insurance Company Law of 1921
• Personal Income Tax of S corporation shareholders or Partnership partners
In fiscal year 2013-14, all applicants must submit the DCED’s Single Application for Assistance electronically. Both the business guidelines and application can be accessed on www.wccf.net.
Business applicants who have fulfilled their 2-year EITC commitment and wish to reapply, as well as businesses in the middle of their 2-year commitments, may apply on May 15. All other businesses may apply on July 1, including S-Corporations, Partnerships, LLs, etc.
A corporation can receive tax credits equal to 75 percent of its contribution up to a maximum of $750,000 per taxable year. This amount can be increased to 90 percent of the contribution, if the business agrees to provide the same amount for two consecutive tax years. For contributions to the pre-school scholarship program, a business may receive a tax credit equal to 100 percent of the first $10,000 contributed and up to 90 percent of the remaining amount contributed up to a maximum credit of $200,000 annually.
The WCCF has created three pass-through funds to accept EITC contributions. The EPK Fund awards pre-school scholarships for financially needy students to attend qualifying pre-school programs. The ESO Fund awards scholarships for financially needy students to attend qualifying K-12 private schools. The EIO Fund awards grants to innovative programs at local public schools.
The generosity of the Foundation’s many corporate contributors has made it possible for the WCCF to award more than $870,000 in grants and scholarships through the EITC program.
First Niagara Bank has been an EPK Fund contributor since 2011. Polly Musar, Vice President of First Niagara, recently visited John F. Kennedy Catholic School in Washington to meet administrators and students attending the pre-school program. This year, the WCCF awarded a total of $51,510 in EPK Fund scholarships to students at four participating schools: Calvary Chapel, JFK Catholic School, the Village of FPC, and the Mon Valley YMCA. These scholarships were sponsored by First Niagara and several other corporate contributors.
Additionally, the WCCF has been approved as a K-12 Opportunity Scholarship Tax Credit (OSTC) Program organization. This designation enables PA corporations to contribute up to $400,000 annually to the WCCF and receive tax credits of up to 90 percent of the contribution. Through the WCCF’s EOS Fund, scholarships will be awarded to financially needy students, as determined by state income guidelines, who reside within the boundary of a low-achieving school to attend a participating nonpublic school or a participating public school outside of the recipient’s school district of residence. “Low-achieving schools” are defined as a public elementary or secondary school in Pennsylvania ranking in the bottom 15 percent of their designation as an elementary or secondary school based upon combined math and reading PSSA scores.
For more information, please visit www.wccf.net.
Featured Articles
