PA Tax Credit (EITC) Program
Benefits Your Company and Shipley
A gift to Shipley can provide your company with a substantial Tax Credit through the Educational Improvement Tax Credit (EITC) Program.
It is with great pleasure that I support Shipley through the Educational Improvement Tax Credit (EITC) Program. Not only does it make sense for INTECH from a business standpoint, but, more importantly, our participation is helping to open doors for talented students who are eager to take advantage of a Shipley education. It is such a worthwhile program; I can’t think of a reason why we wouldn’t want to participate!
William Schwartz, parent of Ali ’10 and Drew ’11, and Co-Owner of INTECH Construction
In the 2012-2013 school year, Shipley received almost $600,000 in scholarship dollars through the EITC Program and was able to assist deserving and talented students from Chester, Delaware, Montgomery, and Philadelphia counties who otherwise would not be able to afford a Shipley education.
By making a contribution to Shipley’s scholarship fund, your company can save in Pennsylvania tax as much as 90% of the value of the gift. Please take a few moments to review this opportunity with your company’s tax advisor. Your support of Shipley through the EITC Program will help the School make its educational experience available to the most capable students regardless of their financial circumstances.
Updated Guidelines ~ May 2013
- For the 2013-2014 program year, applications must be submitted electronically using DCED's Single Application for Assistance. Paper applications submitted by fax will no longer be accepted.
- Businesses must first go through a one-time registration process on the Single Application page in order to create a user name and password.
- After filing the application online, the business must submit the signature page to DCED by mail.
- Businesses may submit their applications on July 1, 2013. Note: In recent years, EITC funds have been all but exhausted within the first few days of July.
- Applications for the second year of a two-year commitment may be submitted starting on May 15, 2013.
- New this year, businesses who have fulfilled their two-year commitment and wish to reapply to renew their two-year commitment may submit their applications starting on May 15, 2013.
- Pass-through entities, such as S-Corporations, Partnerships, and LLCs, can now apply on the same day as C-Corporations.
- Tax credits are given for 75% of the business's contribution to the Shipley scholarship fund, up to a maximum of $400,000 annually.
- A business that agrees to make the same contribution for two consecutive tax years may receive a tax credit equal to 90% of its contribution, again up to a maximum of $400,000 annually.
- Helpful links:
Shipley has been approved as a scholarship organization for the Opportunity Scholarship Tax Credit (OSTC) Program and the School can accept additional OSTC funding in the current fiscal year.
For further information on the EITC or OSTC Programs, please contact Betsy Hastings Block '83, Associate Director of Development: 610.581.4655 or firstname.lastname@example.org.