The EITC program enables Pennsylvanian businesses to directly invest in the education of our youth through scholarships and supporting innovative educational practices.
WHAT IS EITC?
The EITC program enables Pennsylvania businesses to directly invest in the education of our youth in public schools through innovative educational practices. EITC provides companies with a 75% tax credit for donations to Educational Improvement Organizations. The tax credit increases to 90% if the company commits to making the same donation for two consecutive years.
• A $10,000 donation in year one, decreases your total tax bill by $7,500
• A $10,000 donation in year two, decreases your total tax bill by $9,000!
While deductions reduce your amount of taxable income, tax credits reduce your actual tax bill, dollar-for-dollar.
Administered by the PA Department of Community and Economic Development (DCED), the EITC program supports 1) Scholarship Organizations (SO) that award scholarships to children across PA to assist them in attending the schools of their choice; 2) Educational Improvement Organizations (EIO) that fund innovative projects in public schools.
The Philadelphia Shakespeare Theatre is an eligible Educational Improvement Organization (EIO). Our EITC funds directly support the Open Door Project which offers students from the Philadelphia School District and the Delaware Valley an introduction to the transformative works of Shakespeare through our exceptional educational programming.
Last year alone, almost than 3,000 public school students were able to experience Shakespeare performances and in-classroom residencies at little to no cost because of EITC contributions. This year, we would like to see that number jump to 4,000 public school students!
Take a look at the power of Shakespeare firsthand:
Eligible businesses must be authorized to operate in Pennsylvania and 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 and Personal Income Tax of S Corporation Shareholderes, or partners in a general or limited partnership.
Business taxpayers must submit a one-page application for the Education Improvement Tax Credit at the beginning of the Commonwealth’s fiscal year (July 1). Tax credits are approved on a first-come, first-served basis. Here’s what to do:
Step 1: Determine your eligibility
The Philadelphia Shakespeare Theatre
Attn: Development Department
P.O. Box 56309
Philadelphia, PA 19130
Step 3: The PA Department of Community and Economic Development will advise you if your application for the EITC program is approved.
If you think your business is EITC approved or if you are interested in learning more about supporting The Philadelphia Shakespeare Theatre through EITC, please click here to complete a short survey with your information and we will be in touch with you directly. You can also email Rebekah Wilcox at firstname.lastname@example.org for more information on how your business can support The Philadelphia Shakespeare Theatre. It’s not too late to join us THIS YEAR!