Pennsylvania business owners can reduce their state tax liability through the Pennsylvania Educational Improvement Tax Credit Program (EITC) and the Opportunity Scholarship Tax Credit Program (OSTC). Your eligible tax credit will help those students who desire an education at St. Luke School by awarding those children a scholarship through the Diocese of Erie STAR Foundation.
Your eligible business can receive a 90% tax credit with a two year commitment for every donation (75% with a one year commitment). For contributions to a Pre-K scholarship, a business may receive a tax credit equal to 100% of the first $10,000 contributed and up to 90% of the remaining amount contributed up to a maximum credit of $200,000 annually.
Your business (or the business you work for) must pay one of the following taxes to qualify:
- Personal Income Tax
- Corporate Net Income Tax
- Capital Stock/Foreign Franchise Tax
- Bank Shares Tax
- Title Insurance Tax
- Trust Company Shares Tax
- Insurance Premium Tax
- Mutual Thrift Tax
- Malt Beverage Tax
All Subchapter S Corporations and other "pass through" entities qualify that pay state income tax including the following entities: Limited Liability Companies, Limited Partnerships and General Partnerships.