Did you know you can support families in need in your community and receive PA tax credits?
The Educational Improvement Tax Credit (EITC) program provides up to 90% PA tax credits when you contribute towards The Foundation for Enhancing Communities (TFEC) EITC Scholarship.
The EITC Program provides credits to eligible businesses contributing to one of the following specific programs: a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization.
TFEC provides tuition assistance in the form of scholarships to eligible students. TFEC will provide tuition assistance to students in the south-central PA counties of Cumberland, Dauphin, Franklin, Lebanon, Northern York, and Perry.
While there are multiple reasons a business should want to support education in their community, here are three distinct reasons to apply for EITC and contribute to TFEC.
- Tax Benefits: Maximize Your Savings
Businesses can receive significant tax credits for their contributions. Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made. Businesses can earn 75% credit of the contributed amount, if they commit to a one-year contribution up to a maximum of $750,000 per taxable year; or can earn 90% credit of the contributed amount, if they commit to two consecutive tax years.
To learn more about the tax benefits and eligibility, visit the Department of Community and Economic Development website.
- Community Involvement: Make a Lasting Impact
By participating in the EITC program and contributing to TFEC, businesses can demonstrate their commitment to the communities in which they live, work, and play.
Witness the transformative power of education through real-life success stories like Wyatt and Ava, who received scholarships from the EITC Opportunity Scholarship and flourished academically and socially.
In 2022, Wyatt and Ava still each received a scholarship from the EITC Opportunity Scholarship through TFEC. Wyatt and Ava live in a high-poverty, high-crime area with a failing school district. The children were shy, afraid to go to school, and were learning very little. After enrolling in catholic schools, both of their personalities changed dramatically. They were happy to go to school, made friends, started learning and performing well in school, and joined extracurricular activities.
- Brand Awareness: Build Positive Publicity
Businesses can enhance their brand by supporting educational initiatives within their community. Participating in the EITC program can help businesses receive positive publicity and build goodwill with their customers, employees, and community. When a business contributes to TFEC, they not only receive the tax deduction, but they also can say that they are supporting their community and giving back in a big way! This shows their commitment to serving and supporting those that support them.
Join us in Investing in the Future
Over $400,000 has already been granted to more than 200 students through the EITC Scholarship program, with an average award of $1,500 per student. By applying for the EITC program today, you can contribute to the next generation’s success and strengthen your community.
In four simple steps, you can help us provide tuition to eligible students who reside within the attendance boundary of a low-achieving school to attend a participating nonprofit school, or a participating private school located in a school district outside of the recipients’ school district of residence as well as special education schools.
Apply for the EITC Program today.
Contact Jennifer Doyle, Vice President of Philanthropy & Community Investment, at 717.236.5040 or jdoyle@tfec.org.
