Pennsylvania Educational Improvement Tax Credit Program (ETIC)
Pennsylvania Opportunity Scholarship Tax Credit Program (OSTC)
- EITC is a state program that enables your business to redirect state tax dollars to Mount Saint Joseph Academy
- Funds received under this program provide direct support to need-based tuition assistance subsidies for Mount Saint Joseph students
- OSTC is a state program that further augments the support options available for students whose neighborhood school is low achieving
- Any C Corporation or S Corporation that pays the following Pennsylvania state taxes is eligible for 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 Institution Tax
- Personal Income tax of S corporation shareholders or Partnership Shareholders
- 75% of your contribution to Mount Saint Joseph Academy will go as a tax credit to your Business
- This increases to 90% if you agree to contribute the same amount for 2 years
- The 25% (or 10% for a two year commitment) that is not included in the tax credit may be claimed as a charitable donation on your federal tax return
- Both EITC & OSTC applications are filed via a single application at www.newpa.com
- Upon approval, you have 60 days to make your gift to any of the following:
- Mount Saint Joseph Academy Scholarship Fund
- Henkels Foundation, with a designation to Mount Saint Joseph Academy
- Business Leadership Organized for Catholic Schools (BLOCS), with a designation to Mount Saint Joseph Academy
May 16 – Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 16/17 to renew their 2-year commitment.
- May 16 – Businesses who are in the middle of their 2-year commitment.
- July 1 – All other businesses including initial applicants.