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 $300,000 in tax credits annually. More importantly, the EITC provides children and families with a choice in their education and a chance in life.

OLP is blessed to be a part of the EITC program. In the 2009 – 2010 school year there was $88,000 available to OLP students. 112 students received scholarships through the EITC program. Due to state funding, the amount of EITC funding was cut. This current school year, 2010 – 2011, 105 students received funding totaling $70,000.

For 2011 - 2012 there was $100,000 available in EITC funding for scholarships. This funding was distributed among 80 families (119 students) Special thanks to those businesses who have made this possible:

  • The Plastek Group
  • ECCA, Inc.
  • Brugger Funeral Homes
  • Beer and Pop Discount Warehouse

We are pleased to announce we have added to more businesses to the OLP EITC program for the 2012-2013 school year. Special thanks to Erie Bank and First National Bank for their generosity.

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!