Embed Size (px)
Citation preview
THE FACTS ON EITC
THE FOLLOWING PA STATE TAXES
QUALIFY FOR EITC AND OSTC TAX CREDITS
Personal Income Tax
S-Corporation Income Tax
C-Corporation Income Tax
Capital Stock/Foreign Franchise Tax
Bank and Trust Company Shares Tax
Insurance Premiums Tax
Mutual Thrift Tax
Malt Beverage Tax
Retaliatory Fees under PA Section 212
The state legislature has budgeted $125 million in the
EITC tax credit program. Contributions are eligible for
a 75% tax credit for a one-year commitment and 90%
for a two-year commitment.
Donate $10,000 and receive a $9,000 credit toward your
state income taxes. Also, you are eligible for a federal
deduction for the contribution.
An individual or business may use up to $750,000 in tax
credits in any one year.
Our mission is to provide families seeking a
private, Catholic education in a college preparatory high
school for their daughters. Families are eligible for
scholarships if they meet the income and geographic
guidelines established by the state. If eligible, these
families will receive tuition assistance through Business
Leadership Organized for Catholic Schools ("BLOCS",
the charity) to attend Saint Basil Academy.
BLOCS SCHOLARSHIP LLC
Individuals or legal entities with a $300 K household
income may join BLOCS in the BLOCS SCHOLARSHIP
LLC. You agree to make a minimum $7000
contribution for a 2 year commitment to fund the LLC.
Members are solicited to reach the maximum of
$833,333 and then issued K-1 credits according to each
member's % interest in the LLC. These credits can then
be applied to a Pennsylvania tax liability and directed to
Saint Basil Academy.
THE FACTS ON OSTC
In addition to the $125 million allowed under the EITC
program, companies can apply with the Department of
Community and Economic Development (DCED) for up
to $50 million in OSTC tax credits.
Businesses that make a one-year donation to BLOCS
may receive a 75% tax credit. Businesses that make a
two-year commitment to BLOCS may increase their tax
credit to 90%.
APPLICATION PROCESS
The EITC and OSTC Programs are administered by the
Department of Community & Economic Development.
Individuals and businesses can apply through an online
application. Submit your application electronically at
www.newpa.com or BLOCS can submit for the donor.
The application process is detailed and can be facilitated by
working with the school or BLOCS. Contact us directly to
identify your intentions, and a representative will assist you
in the process.
DEADLINES
New applicants must apply by July 1.
Renewals should be completed between
May 15 and June 30 of each year.
Dear Friends of Saint Basil Academy,
Saint Basil Academy is excited to partner with BLOCS,
Business Leadership Organized for Catholic Schools.
BLOCS secures donations through Pennsylvania’s
Educational Improvement Tax Credit (EITC),
Opportunity Scholarship Tax Credit (OSTC), and LLC
programs. These programs allow businesses and
individuals to use tax credits for their donations to
benefit nonprofit scholarship or education improvement
organizations. Through these programs, the state
distributes millions of dollars in tax credits to
individuals and businesses that contribute through the
program. BLOCS has invested in the lives of tens of
thousands of children throughout the local area in giving
students access to high quality, Catholic education. Help
ensure that Saint Basil Academy students can do the
same by turning your tax dollars into scholarship money
for the academy! Consider EITC, OSTC, or LLC,
receive tax credits, and direct your donations to SBA.
In Basilian Spirit and Panther Pride,
Connie D’Angelo
Saint Basil Academy Principal
SAINT
BASIL
ACADEMY
Educate the Girl
Empower the Woman
Enlighten the World
.
OSTC
EITC
The Pennsylvania
Opportunity
Scholarship Tax
Credit Program
The Pennsylvania
Educational
Improvement Tax
Credit Programwww.stbasilacademy.org
1931
to
2017
Contact UsLearn more about how individuals
and businesses can support
Saint Basil Academy
through these programs.
Please contact:
Samantha Angelone
Director of Institutional Advancement
Saint Basil Academy
711 Fox Chase Road
Jenkintown, PA 19046
(215)885-3771 ext. 124
My name is Frank Daly and I am a Development Manager
for BLOCS. BLOCS is an independent charitable
organization supported by individuals, companies, firms and
foundations of all sizes in the five county Philadelphia
region. Since 1980, BLOCS has invested in the lives of tens
of thousands of children throughout the Philadelphia area. If
you are a business who would like to take advantage of the
Pennsylvania EITC / OSTC programs or an individual who
is looking to join the BLOCS LLC to take advantage of
these credits on your personal taxes, please contact me. I am
happy to walk you through the process of designating to
Saint Basil Academy for need-based scholarships the PA
taxes you already pay. 100% of your donation will make its
way to the school.
Frank Daly
Development Manager
BLOCS
267-252-6256
BLOCS
