EITC
Businesses supporting education

Tax Credit Program (EITC)

Faith Christian School is proud to be recognized as an Educational Improvement Organization through the Commonwealth of Pennsylvania’s Educational Improvement Tax Credit (EITC) Program. Faith Christian provides a unique, Christ-centered education that instills character based on biblical principles and develops academic excellence for the purpose of preparing young people to serve and impact the world for Jesus Christ.

The EITC Program was created to give businesses and corporations an incentive to support quality education through schools like Faith Christian. Eligible businesses include those paying any of the following to the state of Pennsylvania:

Corporate Net Income Tax
Capital Stock Franchise Tax
Bank and Trust Company Shares Tax
Title Insurance Companies Shares Tax
Insurance Premiums Tax
Mutual Thrift Institution Tax

While the impact of your support for Faith Christian families is immeasurable, an EITC contribution helps your donation dollars go much further than just a regular charitable contribution. A one-year EITC commitment to Faith Christian School entitles your business to a tax credit equal to 75% of your contribution to the school. A two-year commitment of the same amount of contribution entitles you to a credit of 90% for two consecutive tax years. You may then deduct the remaining contribution as an itemized deduction on your federal income tax return. Depending on your personal tax bracket, you could spend as little as $7 out of pocket for each $100 received by Faith Christian through the EITC program.

To begin, a business must complete and submit an online application with the state’s Department of Community and Economic Development (DCED) and be approved before the state’s allotment of EITC funds is exhausted. Applications for businesses in the middle of a two-year commitment and business applicants who have fulfilled their 2-year commitment and wish to reapply to renew their 2-year commitment can begin the process on May 15th. Businesses new to the EITC program may submit their online application with the DCED beginning July 1st. According to DCED’s website, “Tax credit applications will be processed on a first-come-first-serve basis by day submitted…until the amount of available tax credits is exhausted.” Please note: in 2014 the funds were exhausted during the first day, so submitting the online application on July 1st is imperative for new applicants. Companies not approved the first day are placed on a waiting list.

For more information, please contact Mrs. Sheila Boyer in the Faith Christian Financial Services office at boyers@fcslions.org or 610-588-8815 or Mrs. Angela Fox, FCS Board Treasurer, at foxa@fcslions.org.

The online application is located at http://www.newpa.com/eitc

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