Educational Improvement Tax Credit (EITC) Program
The Educational Improvement Tax Credit (EITC) program enables a Pennsylvania business to make contributions to Montgomery County Community College Foundation, an approved Educational Improvement Organization.
An approved business is eligible for tax credits equal to 75 percent of its contribution up to a maximum of $750,000 per year or 90 percent of the contribution, if the business agrees to provide same amount for two consecutive tax years. Tax credits may be applied for the tax year in which the contribution was made.
Any business that is authorized to do business in Pennsylvania and is subject to one or more of the following taxes: Corporate Net Income Tax; Capital Stock Franchise Tax, Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; Mutual Thrift Institution Tax; or Personal Income Tax of S corporation shareholders or Partnership partners, is eligible.
Be prepared to take advantage of the EITC program for the coming fiscal year.
- Calculate your estimated corporate tax liability to the Commonwealth of Pennsylvania for the next year and apply for a tax credit by completing the electronic application. Prior to submission, review the completed application with your accountant. If you are a new applicant, the state must receive your application on Friday, July 1, 2016. Early applications will be rejected and late applications will most likely not qualify. The program is popular, so you need to act early and fast on the deadlines to be sure your donation will generate a tax credit. Applications will be approved until the amount of available tax credits is exhausted.
- As soon as you receive your letter of notification from Pennsylvania that your business has been approved for tax credits, make your donation to the Montgomery County Community College Foundation, Inc. You have 60 days from the date of notification to send your check, but sending your donation sooner is a better way of assuring your tax credits will be applied.
- Send the state a copy of the acknowledgement letter the Foundation will supply you with once you make your donation. The state must receive this letter within 90 days of your acceptance in order to ensure proper credit. Once you return the letter, you will earn the tax credit. Tax Credits are used up quickly so your company's acceptance is not a guarantee, but the MCCC Foundation is willing to help you through the application process.
Your donation will directly benefit students in our dual enrollment and Gateway to College programs.
Dual Enrollment is an opportunity for high school students to take college courses while they are still in high school. Dual enrollment allows students to earn both high school and college credit for successfully completing college courses. Students may take classes on campus, through e-learning, or onsite at selected high school.
Gateway to College is a nationally recognized credit recovery program for high school students who have dropped out of high school or are significantly behind in credits for their grade level and unlikely to graduate. This intensive program enables students to complete required high school courses and earn their high school diploma while simultaneously earning college credit toward an associate degree or certificate.
Please contact David McVeigh-Schultz at the Montgomery County Community College Foundation at 215-641-1125.