GIVING TO CAMPHILL: THE PA EITC PROGRAM IS A GAME CHANGER!
It’s not just for business anymore!
TURN YOUR PA TAX DOLLARS INTO TUITION ASSISTANCE FOR OUR STUDENTS!
Why is this opportunity through the PA EITC program so significant? Essentially, it enables you to redirect your Pennsylvania tax dollars – almost dollar for dollar – to The Camphill School, for tuition assistance for our students from Pennsylvania and other qualifying purposes. This is “tax-efficient giving” at its very best. To qualify for the program, individuals should pay $3,500 or more in PA taxes annually.
In the case of a typical charitable, tax-deductible donation, the amount of the donation may be deducted from one’s income, reducing the taxable income amount and therefore one’s tax bill. However, there is still a significant net cost to the donor, depending on the donor’s tax bracket and various other factors. Perhaps two-thirds or three-quarters of the donation amount is still out of pocket to the donor.
However, in the case of the EITC program and individual tax credits, the donor’s net cost of the donation can be as little as 6-7 cents on the dollar. Effectively, you can make a donation to The Camphill School instead of paying taxes to the Commonwealth of PA.
Interested individuals can call the Development Office at 610.469.9236 to learn more about the specific mechanism for participating in this program.
If your business pays PA taxes, you may be able to give AND receive
The EITC (Educational Improvement Tax Credit) Program enables Pennsylvania businesses to directly invest in the education of our children through scholarships. The application process is simple, and the benefits to our students and their families are transformational.
WHO QUALIFIES FOR EITC?
Any business authorized to do business in Pennsylvania that is subject to one or more of the following taxes:
- Personal Income Tax
- Capital Stock/Foreign Franchise Tax
- Corporate Net Income Tax
- Bank Shares Tax
- Title Insurance & Trust Company Shares Tax Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
- Mutual Thrift Tax
- Malt Beverage Tax
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
HOW DOES EITC BENEFIT MY BUSINESS?
Eligible businesses can receive a tax credit equal to 75% of their contribution to The Camphill School. This credit increases to 90% if the business commits to give the same amount for two consecutive years.
HOW DOES THIS PROGRAM BENEFIT THE CAMPHILL SCHOOL?
Funds donated by businesses will support our financial aid program for Pennsylvania students who lack government or personal resources.
HOW DOES A BUSINESS APPLY?
The process is simple, but deadlines and timely compliance must be emphasized. Applications are submitted on July 1 for all first time business applicants. To participate in the EITC program, visit the Department of Community and Economic Development (DCED) website (http://newpa.org/) to complete an online application.
Important Application Deadlines:
May 15 – Business applicants who have fulfilled their 2-year commitment and wish to reapply to renew their 2-year commitment
May 15 – Businesses who are in the middle of their 2-year commitment
July 1 – All other businesses
- PA Department of Community & Economic Development: EITC page
- Commonwealth of Pennsylvania EITC Guidelines
- For individuals: Joining a Scholarship LLC
- Step-by-step How to Participate Guide
For additional information please contact the Development Office at 610.469.9236 x132 or complete this form.