Educational Improvement Tax Credit (EITC)
Each year, the Allentown Art Museum offers access to quality art education programs to over 4,000 students in the Lehigh Valley. In particular, Discover Art, an innovative program for all fourth-grade students in the Allentown School District, provides matchless services to approximately 1,300 students in 153 classes per school year. Because Discover Art is a proven tool for stimulating learning, motivating students and improving grades, the Allentown School District has made the commitment to fill all available slots for the upcoming school year.
A testament to the quality of the Discover Art program is the fact that it was approved to be included on the list of innovative educational programs as a part of the EITC program sponsored by the Pennsylvania Department of Community and Economic Development. The museum’s school outreach program and summer day camps are also EITC-approved.
As you may know, the Pennsylvania Public School Code authorizes tax credits for businesses that make contributions to educational improvement organizations on their list of approved institutions. The application for businesses to apply for credits is contained on the DCED Web site. Businesses must be approved for tax credits BEFORE contributing to an organization. The Allentown Art Museum encourages businesses to consult a tax advisor before applying for tax credits.
Options:
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90% tax credit for two-year contributions to a listed scholarship or educational improvement organization (maximum is $200,000/year)
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75% tax credit for one-year contributions to a listed scholarship or educational improvement organization (maximum is $200,000/year)
Eligibility:
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Companies conducting business in Pennsylvania, subject to the following taxes: Corporate Net Income Tax
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MulTitle Insurance Companies Shares Tax
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Capital Stock Franchise Tax
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Insurance Premiums Tax
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Bank and Trust Company Shares Tax
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Mutual Thrift Institutions Tax
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Deadlines:
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For businesses planning to make a contribution during the state's fiscal year (July 1-June 30):
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Businesses submitting an EITC application for the first time should fax the application to DCED after midnight on July 1. Earlier submissions will not be processed.
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Businesses submitting an EITC application for year one of a two-year commitment should also fax their application to DCED after midnight on July 1.
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Business submitting an EITC application for year two of a two-year commitment should submit their application to DCED after May 15, but before June 30.
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If you have any questions about the EITC program or the museum’s approved programs, please contact the manager of government and foundation relations at 610-432-4333 x 52 or .