EITC can help you donate to yes
MAEC, a 501(c)(3) charitable organization, is deemed an Educational Improvement Organization in providing innovative educational programs to, or in conjunction with, public schools. PA businesses can apply for EITC credits through the Department of Community & Economic Development’s electronic single application system. Donating allows for businesses to support hundreds of local students in your community and all this will require is completion of the one-page application.
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Eligibility
Businesses authorized to do business in Pennsylvania 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
- Insurance Premiums Tax
- Mutual Thrift Institution Tax
- Insurance Company Law of 1921
- Personal Income Tax of S corporation shareholders or Partnership partners
Funding
Two year agreement – 90% tax credit up to $750,000
One year agreement – 75% tax credit up to $750,000
Tax credit applications are processed on a first-come, first-served basis by day submitted. All applications received on a specific day will be processed on a random basis before moving on to the next day’s applications. Applications will be approved until the amount of available tax credits is exhausted.
Approval
DCED will notify you directly of approval. An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made to an organization within 60 days of the notification letter. DCED will then notify the Department of Revenue to apply the EITC against the appropriate taxes identified by the business. Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and are not refundable or transferable.
Deadlines
May 15
Business applicants who have fulfilled their 2-year commitment and wish to reapply to renew their 2-year commitment.
May 15
Businesses who are in the middle of their 2-year commitment.
July 2
All other businesses businesses including initial applicants and those applicants wishing to submit an additional application on top of their previously submitted 2-year commitment.
Questions?
Contact the Council office at 570-622-0940 or email Courtney Fasnacht for assistance in the application process.
Visit the DCED website to apply now! Support your future workforce and retain the talent in your community.
