PA EITC Program – A Win-Win Way to Support STEM Programs

 

All of S.P.A.R.K.S. Foundation’s in-school programs are approved

‘educational improvement programs’ and qualify for use of EITC contributions!

 

PA Tax Credit Opportunities for Businesses

The S.P.A.R.K.S. Foundation (listed as “SPARKS Foundation” on the list of approved organizations) is approved as an Educational Improvement Organization (EIO) as defined by PA’s Educational Improvement Tax Credit Program (EITC).  The State of Pennsylvania allows a tax credit equal to 75% of any amount contributed to SPARKS if the contribution is a one-year gift.  Businesses that make a two-year gift of the same amount receive a tax credit totaling 90%.

Uses: Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.

Business Application Timeline:

May 15 – Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 18/19 to renew their 2-year commitment.

May 15 – Businesses who are in the middle of their 2-year commitment.

July 2 – All other businesses including initial applicants and those applicants wishing to submit an additional application on top of their previously submitted 2-year commitment.

Eligibility: Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes:

Personal Income Tax

Capital Stock Franchise Tax

Corporate Net Income Tax

Bank Shares Tax

Title Insurance & Trust Company Shares Tax

Mutual Thrift Tax

Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)

Retaliatory Fees under section 212 of the Insurance Company Law of 1921

Malt Beverage Tax

Guidelines for this win-win opportunity, access https://dced.pa.gov/download/educational-improvement-tax-credit-program-eitc-guidelines/?wpdmdl=84406 .

Access the EITC Business Electronic Application https://dced.pa.gov/download/apply-single-application-short-app-121516/?wpdmdl=73144