Our Lady of Peace School

EITC

On May 7, 2001, by an overwhelming bi-partisan majority, Pennsylvania made history by becoming the first state to pass an education tax credit aimed at corporations.

The Educational Improvement Tax Credit (EITC), provides companies with a 75% tax credit for donations to a non-profit scholarship or educational improvement organization. The tax credit increases to 90% if the company commits to making the same donations for two consecutive years. A business paying taxes in Pennsylvania can receive up to $750,000 in tax credits annually and $200,000 for the Pre-K program. More importantly, the EITC provides children and families with a choice in their education and a chance in life.

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2015-2016 and 2016-2017 EITC/STAR Foundation Donors:

  • Spectrum Control, Inc., a division of API Technologies Corp.
  • Brugger Home for Funerals
  • ERIEBANK
  • First National Bank
  • Industrial Sales & Manufacturing
  • Northwest Savings Bank
  • Plastek Industries, Inc
  • Printing Concepts, Inc

In 2015-16, $270,000 was distributed to 159 students thanks to our generous EITC donors
In 2016-17, $277,2500 was distributed to 192 students thanks to our generous EITC donors

2013-2014 EITC/STAR Foundation Donors:

  • Brugger Funeral Homes
  • Beer and Pop Discount Warehouse
  • Erie Bank
  • First National Bank
  • Industrial Sales and Manufacturing Inc.
  • The Plastek Group
  • Printing Concepts

2013 - 2014 $115,000 was allocated.

2012-2013 EITC/STAR Foundation Donors

  • Brugger Funeral Homes
  • Beer and Pop Discount Warehouse
  • Erie Bank
  • First National Bank
  • The Plastek Group

119 students (77 families) benefited from $110,000 donated by our generous sponsors through EITC in 2012-2013.

The Pennsylvania Educational Improvement Tax Credit Program (EITC) allows businesses that pay specific Pennsylvania state taxes the opportunity to decide where their tax dollars are placed instead of going to Harrisburg. The Erie Diocese established the Star Foundation in order for businesses to assist Catholic Schools in our area.

If you are a business owner in Pennsylvania or know someone who is that may be interested in contributing to OLP scholarships through this program, please contact us. For your business or the business you work for to qualify, the company must pay any one of the following taxes:

  • Corporate Net Income Tax
  • Capital Stock Franchise Tax
  • Bank and Trust Company Shares Tax
  • Alternative Bank and Trust Company Shares Tax
  • Title Insurance Company Shares Tax
  • Alternative Title Insurance Company Shares Tax
  • Insurance Premiums Tax
  • Mutual Thrift Institutions Tax

All Subchapter S Corporations qualify and other “pass through” entities that pay state income taxes including the following entities: Limited Liability Companies, Limited Partnerships and General Partnerships.

This is a wonderful opportunity to provide tuition assistance to OLP school while earning your business a tax credit up to 90%. It is a WIN-WIN situation. Choose to send your tax dollars to OLP!

EITC LINKS


Guidelines
Business Application Guide