Tax Credit Program

ST. ANN SCHOOL

Cultivating leaders one student at a time.

What is the Educational Improvement Tax Credit (EITC) program?

The Commonwealth of Pennsylvania created the EITC/OSTC Program to stimulate giving to innovative educational organizations. Qualified individuals or businesses can earn significant tax credits equal to 75% – 90% of its contributions to approved Educational Improvement Organizations.

EITC and OSTC Program Information for Individuals

The Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs provide tax credits to eligible individuals contributing to the Eastern Pennsylvania Scholarship Foundation (EPSF). Individual’s contributions are then used by the Foundation to provide tuition assistance in the form of scholarships to eligible students attending schools within the Diocese of Allentown. Every dollar received by EPSF is awarded to students attending Catholic elementary and secondary schools, special learning centers, and pre-school programs in the Diocese of Allentown.

USES/FUNDING

Tax credits may be applied against the state tax liability of an individual for the tax year in which the contribution was made. For a two year commitment a business can receive a 90% tax credit.

ELIGIBILITY

Must be an Accredited Investor, as defined by federal and state securities laws.
- This is defined as:
  - Having individual income of $200,000 over the past two years
  - Having joint income of $300,000 over the past two years
  - Having a net worth of $1,000,000 excluding your primary residence
Must have at least $4,500 in PA state tax liability
Must be able to donate at least $5,000 for a two year period

TERMS

Sign an online agreement
Send your contribution to EPSF designating the school you want to support
EPSF will send you a K-1 to receive your tax refund

HOW TO APPLY

New Donors

Sign a joinder outlining your two year cycle
If you are interested in donating fill out the waitlist form on this page and email it to our Program Manager of Scholarships Amy Impellizzeri at aimpellizzeri@allentowndiocese.org.

Renewal Donors

Resign a new joinder outlining your new two year cycle
If you are interested in renewing fill out the renewal form on this page and email it to our Program Manager of Scholarships Amy Impellizzeri at aimpellizzeri@allentowndiocese.org.

Additional program guidelines and details can be found by contacting the Program Manager of Scholarships for the Diocese of Allentown at 610-866-0581.

EITC and OSTC Program Information for Businesses

The Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs provide tax credits to eligible businesses contributing to the Eastern Pennsylvania Scholarship Foundation (EPSF). Business contributions are then used by the Foundation to provide tuition assistance in the form of scholarships to eligible students attending schools within the Diocese of Allentown. Every dollar received by EPSF is awarded to students attending Catholic elementary and secondary schools, special learning centers, and pre-school programs in the Diocese of Allentown.

USES/FUNDING

Tax credits may be applied against the state tax liability of a business for the tax year in which the contribution was made. For a two year commitment a business can receive a 90% tax credit. The maximum credit cannot exceed $750,000 per taxable year.

ELIGIBILITY

Businesses authorized in Pennsylvania who are subject to one or more of the following taxes are eligible to apply to either the EITC or OSTC program:

Corporate Net Income Tax
Mutual Thrift Institution Tax
Capital Stock Franchise Tax
Title Insurance Companies Shares Tax
Bank and Trust Company Shares Tax
Insurance Premium Tax
All Sub-Chapter S Corporations and other “pass through”

TERMS

Upon receiving approval from Department of Community and Economic Development, you have 60 days to make your contribution to the Eastern Pennsylvania Scholarship Foundation.
After receiving an acknowledgment letter you have 90 days to send proof of your contribution to DCED.
Tax credits not used in the tax year the contribution was made may not be carried forward or carried back.

HOW TO APPLY

First Year Businesses

Must apply on July 1st
All applications must be submitted electronically and are processed on a first come-first served basis by day submitted
Applications will be approved until the amount of available tax credits is exhausted

Businesses Looking to Renew

For an additional two year commitment, businesses can begin applying on May 15th.
Businesses renewing will automatically qualify

Additional program guidelines and details can be found by contacting the Program Manager of Scholarships for the Diocese of Allentown at 610-866-0581.