Educational Improvement Tax Credit (EITC)  allows corporations, and individual PA taxpayers, to make excellent use of state tax incentives to benefit specific schools for the sole purpose of student scholarships.

Below is a list of these generous community businesses and individuals that dedicated EITC funds to Saints Peter and Paul School for the 2022-2023 academic year:

• ASD- Answering Service for Directors
• Gregory and Veronica Chandler
• Kevin and Linda Czachor
• Jeff D'Ambrosio
• DellaVecchia, Reilly, Smith & Boyd Funeral Home
• Robert and Barbara Downing
• William and Maureen Egan
• First Resource Bank
• Timothy and Terese Flanagan
• Paul and Donna Frick
• Kevin and Mackenzie Hendrickson
• Gary and Patricia Holloway
• Tom and Amy Kovell
• Michael and Mary Krueger
• JP Mascaro & Sons
• Media One Products
• Andrew and Kathleen Parsons
• Elliot and Melissa Parsons
• Matthew and Megan Parsons
• Michael and Christine Parsons
• Kevin and Barbara Quinn
• S&T Bank
• Duke and Kimberly Schneider
• Theodore and Kelly Smith

The funds dedicated by these local businesses were available for distribution to qualifying families for the 2021-2022 academic year.
To learn more about the EITC program and how to contribute to it, please take a moment to view this video.
 

Numerous Saints Peter and Paul School families will benefit from the generous EITC gifts. If you are interested in applying for these funds, you apply using the FACTS financial aid online application. Please see the Financial Aid section under the Admissions tab for more information.

Q: What is the Pennsylvania Educational Improvement Tax Credit?

A: The EITC was established in 2001 to provide businesses that pay PA taxes with a tax credit for their donations to nonprofit Scholarship or Education Improvement Organizations. 

A one-time donation for K to 12 students can earn a 75% tax credit for a 1-year commitment or a 90% credit for a two-year commitment. A one-time donation for Pre-K students can result in a 100% tax credit for the first $10,000; and a 90% tax credit for the remainder up to $100,000.

A business, or any of its operating subsidiaries, can receive up to $300,000 in tax credits annually.

Q: Does Saints Peter and Paul School have EITC money available for 2022-2023?

Yes. Saints Peter and Paul School has already secured funds from our donors for the upcoming school year. We are extremely thankful to all of our EITC donors.

Q: What Organizations utilize the Pennsylvania EITC?

A: Over 2,800 companies have benefited from the Educational Improvement Tax Credit. Although large companies participate in the program, most EITC contributors are small and mid-sized businesses.

Q: Who can contribute to EITC?

A: To qualify for the credit, a business must pay one of the following Pennsylvania state taxes:

• Corporate Net Income Tax
• Capital Stock and Franchise Tax
• Bank and Trust Company Shares Tax
• Title Insurance Companies Shares Tax
• Insurance Premiums Tax
• Mutual Thrift Institutions Tax

S Corporations may participate in EITC as well. Businesses may elect to pass through credits from the Personal Income Tax of S Corporation Shareholders or Partners in a general or limited partnership.

Individuals may also make a gift to EITC through a special purpose entity (or SPE) through the Foundation for Catholic Education.

These donations make a genuine difference to students and their families. But An EITC-eligible contribution to students through BLOCS offers donors advantages as well:

• Charitable donations reduce the amount of taxable income
• Tax credits reduce tax bills dollar for dollar
• Giving students the chance to experience a high-quality education is an investment in tomorrow’s leaders and workforce
• Minimal cost for major impact
• Helps build community goodwill