Commonwealth Youthchoirs an approved Educational Improvement Organization (EIO) under Pennsylvania’s Educational Improvement Tax Credit (EITC) program. This popular program keeps growing. In the 2016 year, a total of $175 million was committed through House Bill 1606 of which $37.5 million was allotted for Educational Improvement Organizations.
Through EITC, eligible companies can receive tax credits for contributions to innovative educational programs, such as ours. For example, Commonwealth Youthchoirs’ Find Your Instrument! program partners with several Philadelphia public schools in Germantown to bring award-winning choral and arts education to underserved students. Companies can receive tax credits equal to 75% of their contribution (up to $750,000 per taxable year), or up to 90% for two-year charitable commitments.
Businesses wishing to support Commonwealth Youthchoirs must apply specifically for EIO credits. Businesses may also also apply for other types of credits, but the total amount cannot exceed $750,000.
What businesses are eligible?
EITC is for businesses authorized to do business in Pennsylvania including C Corps, S Corps and LLCs, Partnerships and Limited Liability Partnerships, as well as Sole Proprietorships.
All applicants are required to submit applications electronically through newpa.com. Businesses renewing a two-year commitment may apply beginning May 15; new businesses may apply beginning July 1.
Applications are processed on are first-come, first served basis by day submitted. All applications received on a specific day will be processed at random before moving on to the next day’s applications, until the amount of available tax credit is exhausted, which last year was within one week.
For details on the EITC program and to access the simple, one-page electronic application, please go to newpa.com, the website for the Department of Community and Economic Development.
If you have any questions about the EITC program and how your business or company can participate or if you would like more information, please contact Emily Harmar, Development Director, at firstname.lastname@example.org or 215-403-7030.