Get your application in now for the 2012-2013 school year.
What is the EITC Program?
The EITC program is an easy way for businesses to reduce their state tax liability and at the same time to support non-profit schools through charitable donations. Businesses that donate to the Waldorf School through the EITC program can achieve tax savings up to a maximum of $300,000 per taxable year by earning “credits’ which will be applied as a deduction to their Pennsylvania state taxes. A business can choose two options:
- A one-year tax credit equal to 75% of the contributed amount given to the school
- A two-year tax credit equal to 90% of the contributed amount if the business agrees to provide the same amount of contribution for two consecutive years.
Is my business eligible?
You might be surprised. Businesses ranging from neighborhood restaurants, to mid-sized companies, to large corporations all are eligible. If your business pays any of the following Pennsylvania taxes, it can participate in the EITC Program
- Corporate net income tax
- Capital stock/franchise tax
- Bank and trust company shares tax
- Title insurance companies shares tax
- Insurance premiums tax
- Mutual thrift institutions tax
- Personal Income Tax of S Corporation Shareholders or partners in a general or limited partnership
How will the Waldorf School use my EITC donation?
The Waldorf School of Pittsburgh is committed to developing a student body that reflects the diversity of our community and we strive to keep our tuition among the lowest in the region. Every year, we distribute significant scholarship support to families for whom tuition would otherwise be prohibitive. Over 40% of our families receive some amount of scholarship assistance every year. 100% of every EITC donation supports the school’s scholarship program.
I want to participate. Can the Waldorf school help me apply?
YES! We will work with you and can even complete the application for your signature and then deliver it to the Department of Community and Economic Development. Please contact Julia Sawyer at (412) 441-5792 or by email at email@example.com in order to start the application process.
If you’d prefer to apply on your own, the simple, one page application form and EITC Business Guidelines are available at the Department of Community and Economic Development at (717) 787-7120 or at www.newpa.com. Select “EITC Business Guidelines” for further information and the application form.
- New Applications: July 2, 2012
- Second-year Applications for pre-approved Businesses: May 15 –June 29, 2012
Applications are approved on a first come-first served basis, so timing the submission of your application is crucial. Having us mail your application is an easy way to ensure that it is among the first group of applications to be reviewed.
What is the process for receiving my tax credits?
The process is very simple:
1. The Business completes one page application and submits it to the Department of Community and Economic Development (DCED) so that it arrived July 2, 2012. Remember—we can mail it to you.
2. The Business receives a letter of approval from the DCED.
3. Within 60 days following the date of the DCED approval letter, the Business submits a monetary contribution or a letter pledging a future contribution to the Waldorf School of Pittsburgh.
4. The Waldorf School provides the Business with an acknowledgment of contribution within 7 business days following the date of the contribution.
5. Within 90 days following the date of the DCED approval letter, the Business submits this acknowledgment of contribution to the DCED.
6. The DCED communicates with the PA Dept. of Revenue and the applicable tax credit is applied to the Business’s tax account.
7. Credit is taken as a reduction of the Business’s annual state taxes.
For more information, please contact Julia Sawyer at firstname.lastname@example.org or (412) 441-5792 ex 227.
For Business Guidelines and Applications, visit the Department of Community and Economic Development’s website at www.newpa.com/EITC.