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EITC/OSTC Tax Credit Scholarship Programs Deadline Approaching

EITC/OSTC Tax Credit Scholarship Programs Deadline Approaching

Nearly 30% of current Mount students benefit from tuition assistance and that number increases annually. You can redirect your PA taxes as tuition assistance dollars to the Mount!

The Educational Improvement Tax Credit and the Opportunity Scholarship Tax Credit are Pennsylvania tax credit programs that allow Pennsylvania businesses that pay applicable taxes, as well as individuals who pay personal income tax through an LLC, S Corp, or who own or are a member of an LLP, to receive up to a 90% TAX CREDIT to be used by schools like the Mount for tuition assistance.

How it works
The process is easy! Simply fill out a one-page application that can be found on www.newpa.com. You can apply for one or two years of credit. For a one-year commitment, you will receive a tax credit of 75% of your contribution. For two years, you will receive a tax credit for 90% of your contribution. ere is no minimum to participate and businesses can receive up to $750,000 in tax credit annually.

Upon approval, you have 60 days to make your gift to the Mount in one of these ways:

  • Mount St. Joseph Academy Scholarship Fund directly
  • Henkels Foundation, with a designation to MSJA
  • Business Leadership Organized for Catholic Schools (BLOCS), with a designation to MSJA

Important Dates
May 15: Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 2018-19 to renew their commitment.
May 15: Businesses who are in the middle of their 2-year commitment
July 3: All other businesses including initial applicants.

Who can apply?
Businesses in Pennsylvania that pay the following taxes:

  • Individuals who are a member of an LLC
  • Capital Stock/Foreign Franchise Tax
  • Corporate Net Income Tax
  • Bank Shares Tax
  • Title Insurance & Trust Company Shares Tax
  • Insurance Premium Tax (with some exclusions)
  • Mutual Thrift Tax
  • Malt Beverage Tax
  • Retaliatory Fees under section 212 of the Insurance Company Law of 1921

For more details on EITC/OSTC tax programs, visit msjacad.org/giving or www.newpa.org.