Educational Improvement Tax Credit (EITC)
Business can receive up to a 90% business tax credit if you pay one of these taxes in Pennsylvania:
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank and Trust Company Shares Tax
- Title Insurance Company Shares Tax
- Insurance Premiums Tax
- Mutual Thrift Institutions Tax
If your business pays one of these taxes you can participate in the EITC program and support Solebury School's financial aid program at very little expense to you.
In lieu of paying taxes to the state, businesses can make contributions to scholarship organizations (Solebury School has been designated as a qualifying organization) and receive tax credits of 90% of their contributions for a two-year commitment and 75% for a one-year commitment.
It is easy to do, but the money designated by the state for this program goes fast since we are competing with other similar organizations. Several members of the business community have taken advantage of this win-win proposition and been very pleased with the ease of the process. Please contact the school about application deadlines and speak with your company's accountant.
For more information, email Jennifer K. Burns, Assistant Head: Advancement & External Affairs, or call 215.862.5261, ext 183.