PENNSYLVANIA'S
EITC PROGRAM
The Pennsylvania Educational Improvement
Tax Credit Program (EITC)
gives eligible (1) individuals and (2) businesses
the ability to redirect their taxes
to scholarships for students at The Oaks.
​
If you pay at least $3,500 in PA taxes,
you are eligible to enroll in the EITC program.
EITC gives you a 90% state tax credit
and gives Oaks students generous scholarships.
Can I Participate?
Are you a PA tax payer who expects to owe more than $3,500 of
​
-
Personal Income Tax
-
PA Corporate Net Tax
-
Capital Stock Franchise Tax
-
Bank and Trust Company Tax
-
Title Insurance Tax
-
Insurance Premiums Tax or Mutual Thrift Institutions Tax
​
The answer is yes! EITC will help you maximize your impact at The Oaks.
​
What's the Process?
Step 1: Sign SPE joinder early in the year.
​
Step 2: SPE receives credit award.
​​
Step 3: Make your contribution within 60 days of award.
​
Step 4: Reduce taxable income dollar for dollar with 90% tax credit.
Sample Tax Benefit
Gift to The Oaks Academy:
$10,000​
PA Tax Credit (90% of gift):
$9,000​
Federal Tax Reduction for contribution (37% tax rate)​:
$370
Net Out-of-Pocket Cost:
$630
What's the Timeline?
Jan-April: Determine your PA tax liability.
May: Complete the SPE joinder form and return copy to The Oaks.
July-Aug: Check request arrives via email or USPS.
Aug-Sept: Checks mailed within 60 days.
Mar 15: Tax forms (K-1) arrives the following spring.
May: Renewal joinder sent via email late spring to continue in the program.
The Oaks has
partnered with
Central Pennsylvania Scholarship Fund, a special purpose entity (SPE) to facilitate
the school’s EITC program.
CONTACT US!
Want to get started? Get in touch to learn more.