Tax Credit Program
If you own a business or are an accredited investor that pays Pennsylvania state taxes, you can help build a brighter future for deserving students of the Diocese of Allentown by participating in either the EITC or OSTC program.
Through the establishment of Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs, donors can receive up to a 90% tax credit against their personal PA state tax liability by making their gift through Eastern Pennsylvania Scholarship Foundation.
An individual or company who wishes to take advantage of this tax-credit program may become a member of an EPSF LLC (“LLC”) with a 2-year commitment to fund the LLC. These credits will be distributed to each member via K-1 and are then applied to your PA tax liability for the tax year in which the donation is made.
What types of taxes can be offset by this credit?
Individuals who pay Pennsylvania income taxes and businesses that are authorized to do business in Pennsylvania who are subject to one or more of the following taxes:
- Personal Income Tax, Sub-chapter S-corporations and other “pass-through” entities will be able to use the credit against the shareholders’, members’, or partners’ PA personal income taxes
- Corporate Net Income Tax
- Malt Beverage Tax
- Bank and Trust Company Shares Tax
- Insurance Premiums Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
- Mutual Thrift Institutions Tax
- Title Insurance Companies Shares Tax
- Retaliatory Fees under Section 212 of the Insurance Company Law of 1921
Becoming a Donor is Simple
For more information about joining the EPSF program please contact the Diocesan Director of Scholarships at 610-866-0581.