Support The University School students and earn tax credit!
If you own or work for a company that pays corporate taxes to the state of Pennsylvania, your company can direct tax dollars to scholarships for The University School students in need! Pennsylvania’s EITC and OSTC programs are simple opportunities for businesses to do good by supporting education and earn up to a 90% tax credit! The application is simple and we are happy to help you through the process.
If you are an individual who meets certain eligibility requirements, the state of Pennsylvania now offers the opportunity for individuals to direct their tax dollars through the EITC and OSTC programs.
Click here for more information about EITC/OSTC, or please contact the Head of School at (412) 361-7182 or firstname.lastname@example.org if you would like to learn more about individual opportunities for giving to EITC/OSTC.
FAQs about EITC/OSTC
What is the Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC)?
This program provides tax credits to eligible businesses or individuals contributing to scholarship organizations and educational improvement organizations, in order to promote expanded educational opportunities for students in Pennsylvania.
EITC/OSTC directs your tax dollars to support The University School’s financial aid program.
What is the timeline for applying for this tax credit?
Renewing businesses (those that have participated before) can begin applying May 15 and have until June 28. New businesses are eligible to apply July 1 of each year.
Who can make EITC/OSTC gifts?
Companies in PA that pay any of the following taxes may participate in the EITC/OSTC program:
- 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
- Insurance Company Law of 1921
- Personal Income Tax of S corporation shareholders or Partnership partners
Individuals who meet either the Income Test or Net Worth Test:
- Your individual income must have exceeded $200,000 in each of the two most recent years or your joint income together with your spouse exceeded $300,000 in each of those years, AND
- You reasonably expect to earn individual income of at least $200,000 this year or joint income with your spouse of at least $300,000 this year
- Your individual or joint net worth exceeds $1,000,000
How much money has the state set aside for this program?
The State of PA has allocated $100 million in the state budget for the EITC program and $50 million for the OSTC program.
How do I apply?
Talk with your business’ finance office, accountant, and/or tax professional to determine your eligibility and the dollar amount to be donated.