EITC/OSTC Tax Credit Scholarships
How Can Businesses Support TQS?
THE EITC/OSTC Tax Credit Scholarship programs permit qualifying businesses to direct corporate taxes to support The Quaker School. TQS then directs 100 percent of received EITC and OSTC funds to needs-based financial aid.
ABOUT THE EITC/OSTC TAX CREDIT PROGRAMS
Participation in the Pennsylvania Educational Improvement Tax Credit (EITC) or Opportunity Scholarship Tax Credit (OSTC) programs allow eligible businesses to donate an amount approved by the Commonwealth of Pennsylvania to TQS and receive a tax credit.
- Eligible businesses are those that are subject to one or more of the following taxes:
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank and Trust Company Shares Tax
- Insurance Premiums Tax
- Mutual Thrift Institutions Tax
- Title Insurance Companies Shares Tax
- Insurance Company Law of 1921
- Personal Income Tax of S Corporation Shareholders or Partnership Partners
- Companies will receive a 75 percent tax credit for donations to TQS for one year. If a company commits to two years, the tax credit increases to 90 percent, up to $200,00 in tax credits annually. The maximum credit available per company is $750,000 per year.
- Applications for tax credits can be processed beginning July 1 through June 30 on a first-come, first-serve basis.
We are here to help you and your business through every step of this process. To learn more about this giving option, please contact Kristen Stevens, Director of Development, 215.674.2875.