EITC-OSTC Program
Pennsylvania Educational Improvement Tax Credit Program (ETIC)
Quick Facts
- What is it?
- Who is Eligible?
- What is the benefit to you?
- How to Apply?
- What are the application deadlines?
What is it?
The Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) are Pennsylvania tax credit programs that allow PA business and individual that pay applicable taxes to received up to a 90% TAX CREDIT to be used by schools like the Mount for financial aid.
- EITC funds provide direct support to need-based tuition assistance subsidies for Mount Saint Joseph students.
- OSTC further augments the support options available for students whose neighborhood school is low achieving.
Who is Eligible?
Businesses in Pennsylvania that pay the following taxes:
- Corporate Net Income Tax
- Capital Stock/Foreign Franchise Tax
- Personal Income Tax
- Bank Shares Tax
- Title Insurance and Trust Company Shares Tax
- Insurance Premiums Tax (with some exclusions)
- Mutual Thrift Institution Tax
- Malt Beverage Tax
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
As well as individuals who pay Personal Income Tax through an LLC, S Corp, or who own or are a member of an LLP.
What is the benefit to you?
How to Apply?
What are the application deadlines?
- May 15 – Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 17/18 to renew their 2-year commitment.
- May 15 – Businesses who are in the middle of their 2-year commitment.
- July 3 – All other businesses including initial applicants.
NOTE: Pass-through entities, such as S-Corporations, Partnerships, LLCs, etc., can now apply the same day as C-Corporations. Applications must be submitted electronically using DCED’s Single Application for Assistance.