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EITC Provides Businesses with Up to 90% Tax Credit
Lake Erie-Allegheny Earth Force is the Western Pennsylvania Regional Office of Earth Force, Inc., a non-profit organization. The programs we offer depend on the generosity of our donors.
The Pennsylvania Legislature offers a tax credit (not just a deduction) to businesses called the Educational Improvement Tax Credit (EITC). Enacted in May 2001, the EITC provides Pennsylvania companies with a tax credit (up to 90%) for donations/contributions to non-profit scholarship or educational improvement organizations....like Lake Erie-Allegheny Earth Force. It also will allow you to utilize this contribution as a charitable gift on your federal taxes. A "win-win" situation for businesses & eudcational organizations like Earth Force, it is simply reallocating your tax dollars to the local community.
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Amounts: Tax credits equal to 75% of its contribution up to a maximum of $200,000 per taxable year. These can be increased to 90% of the contribution, if your business agrees to provide the same amount for two consecutive tax years. Finally, here's where to apply: DCED Center for Business Financing, Tax Credit Division: ( 717 ) 787-7120 or the e-mail address:tknorr@state.pa.us
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Eligibility: Businesses authorized to do business in PA who are subject to one or more of the following taxes: Corporate Net Income Tax; Capital Stock Franchise Tax, Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; or Mutual Thrift Institution Tax. Uses: Tax Credits may be applied against the tax liability of a business for the tax year in which the contribution was made.
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