Make your tax dollars work for KIPP Philadelphia Schools!
What is EITC? The Educational Improvement Tax Credit Program (EITC) is a national model providing greater access to high quality education through public/private collaboration. The Commonwealth of Pennsylvania offers businesses in the state an opportunity to reduce their tax liability by contributing to registered organizations such as KIPP. Your gift to KIPP can generate tax credits from 75% of your contribution up to a maximum of $750,000 per tax year. This can be increased to 90% of the contribution if your business pledges to provide the same amount for two taxable years.
Why tax credits? Tax credits are more attractive than a standard charitable donation. While deductions reduce your amount of taxable income, tax credits reduce your actual tax bill. Tax credits are utilized after your tax liability is established.
Is my business eligible? If your business is authorized to operate in Pennsylvania and pays one of the following taxes, you can register to be eligible for the Pennsylvania Educational Improvement Tax Credit (EITC) program:
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank and Trust Company Share Tax
- Titles Insurance Companies Share Tax
- Insurance Premiums Tax
- Mutual Thrift Institutions Tax
- Personal Income Tax of Corporation Shareholders or Partnership Partners
How do I register my business? Eligible businesses may apply online each year by July 1st for new EITC-approved organizations or May 15th for existing EITC-approved organizations. For current information on the EITC program and the application, click here. Please note that applications are approved on a first-come, first served basis. The PA Department of Community and Economic Development will advise applicants directly if their request is approved.
