The PA EITC and OSTC programs enable corporations to support need-based tuition assistance at Newtown Friends School and also receive a tax credit for your business’ contribution. Donations through the EITC benefit students in low-income households; donations through the OSTC benefit students in low-income households who live in underperforming school districts. Newtown Friends School is eligible to receive both types of donations and the tax benefits to corporations is the same for both programs. Tax credits are given for 75% of your business’ contribution, up to a maximum of $750,000 annually. A business that agrees to make a contribution for two consecutive tax years may receive a tax credit equal to 90% of its contribution.How Does It Work?Tax credits are available on a first-come, first-served basis. To apply, businesses should complete Pennsylvania’s online single-page application, available on July 2, 2018.
Renewal applications for donors who made a two-year commitment are accepted beginning on May 14, 2018.
Once your business is approved from the state, businesses have 60 days to make their contribution to Newtown Friends School. The School then will send an acknowledgement to the business for tax purposes.Who is Eligible?
Businesses authorized to do business in Pennsylvania who are subject to one or more of
the following taxes:
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank and Trust Company Shares Tax
- Personal Income Tax of S corporation shareholders or Partnership partners
- Insurance Premiums Tax
- Mutual Thrift Institution Tax
- Title Insurance Company Shares Tax
Support of the EITC and OSTC programs helps to ensure that more students have access to an NFS education. Thank you for your consideration. For additional information, please contact Diane Zimmaro
, Director of Advancement.