Education Improvement Tax Credit Program
Steer your tax dollars toward making a difference in the lives of young people.
The Educational Improvement Tax Credit and Opportunity Scholarship Tax Credit (EITC/OSTC) Programs are a great way for businesses to reduce their tax liability by contributing to approved organizations like The Christian Academy.
How to Participate
- Visit the EITC homepage.
- Complete the electronic Single Application for Assistance with the help of TCA’s Development Office.
- Submit your completed application on July 1, 2020.
- Upon approval, your business can make your contribution, which will be receipted and sent back to you as confirmation.
- Your business will send that receipt to the state, which will attach a final confirmation letter to your company’s tax return.
- Redeem your tax credits (up to 90% of your business’ state tax!)
Do you qualify? These business ownership structures can utilize tax credits as pass through for their personal income tax liability:
- S Corporations
- General Partnerships
- Limited Partnerships
- Shareholders, Partners, or Members of S Corps
- Single member of Limited Liability Company (LLC)
What are the Benefits?
- It’s free! EITC/OSTC has no cost to apply and the gift is simply a relocation of your tax dollars.
- You can claim your EITC donation as a charitable gift on your federal taxes (within IRS guidelines).
- If your company commits to making the same donation for two consecutive years, the tax credit increases from 75% to 90%!
- EITC gives you the power to put your tax dollars to work making a difference for the youth in your community. Your participation makes quality, Christian education accessible to students and their families!
Tax credits can be used for:
- Corporate Net Income Tax
- Bank Shares Tax
- Insurance Premium Tax
- Capital Stock/Foreign Franchise Tax
- Mutual Thrift Institutions Tax
- Title Insurance and Trust Company Shares Tax
- Malt Beverage Tax
- Personal Income Tax
TCA wants to help make your EITC participation as simple as possible!
For any assistance or questions with your EITC application process or the program in general please contact TCA’s Advancement Team by calling 610-872-7600, ext. 119, or by email at firstname.lastname@example.org.
Applications will be approved starting JULY 1, 2020
Tax credits are typically exhausted within the first 24 hours, so it is important to apply right away!