Pennsylvania Offers Educational Improvement Tax Credits to Boost Private School Funding
Pennsylvania provides Educational Improvement Tax Credits (EITC), Pre-K Scholarship Tax Credits (PKTC), and Opportunity Scholarship Tax Credits (OSTC) to individuals and businesses. These programs allow taxpayers to redirect their state tax dollars to Sacred Heart Academy Bryn Mawr, a private school for girls, to fund need-based financial assistance for students. Since 2013, over 150 businesses and individuals have contributed nearly $10 million through these programs, enabling students to receive an education they might not have otherwise afforded. Participants making a two-year commitment can receive a tax credit of 90% of their total contribution, while a one-year commitment yields a 75% credit. Eligible participants include individuals with a Pennsylvania tax liability of at least $1,000 and businesses paying state taxes, with a maximum credit of $750,000. The credits can offset various taxes, including Personal Income Tax, Corporate Net Income Tax, Malt Beverage Tax, Bank and Trust Company Shares Tax,...