PA Tax Credit (EITC)
Educational Improvement Tax Credit Program
and Opportunity Scholarship Tax Credit Program
Claim your 90% Pennsylvania Educational Improvement Tax Credit (EITC) when you support scholarships at The Meadowbrook School
It's now easier than ever!
Individuals can support Meadowbrook scholarships through our Special Purpose Entity partners. It is the simplest way to get a 90% Pennsylvania EITC tax credit!
The EITC now offsets Pennsylvania taxes for individuals as well as businesses. If you own or work for a Pennsylvania business, or if you’re a shareholder in one, you can take the credit against your personal Pennsylvania income taxes. Even retirees can participate if they own stock in a Pennsylvania company.
Businesses no longer have to apply to become “approved businesses” and wait for State approval.
Meadowbrook has partnered with several “Special Purpose Entities” – it’s simply a conduit for the tax credits. A minimum gift of $3500 is required for each of the two years. You get the 90% tax credit for each of those years.
For example, the net cost to you for a $3500 scholarship gift in each of two years is just $350 per year! There are no administrative fees – 100% of your gift goes to support Meadowbrook scholarships.
Who qualifies for the ETIC tax credit?
Individuals and businesses authorized to do business in Pennsylvania, their shareholders, and employees, which are subject to one or more of the following taxes may utilize the EITC:
- 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
100% of your EITC gift will go to fund Meadowbrook scholarships!
Consult your tax advisor to get the maximum benefit from the EITC.
Our SPE is administered by the Central Pennsylvania Scholarship Fund. A copy of the Operating Agreement is available on request.
Send your dollars to Meadowbrook, not Harrisburg! You’ll spend a dime to give a dollar!
Questions? Here are some answers!