Corporate Giving: Educational Improvement Tax Credit (EITC) & Opportunity Scholarship Tax Credit (OSTC) Programs
A great way for businesses and corporations to direct tax dollars and get directly involved in supporting education!
Pennsylvania’s EITC/OSTC Programs enable the business community to invest directly into students’ education by turning tax dollars into scholarship funds. Under both programs businesses are credited for contributions made to qualified scholarship organizations, such as The Campus Laboratory School, to offer much needed tuition assistance that lessens the burden on families who wish to provide their children with the academic excellence offered at the school.
Under the OSTC program students must reside within the boundaries of low-achieving elementary and secondary schools that rank at the bottom 15% of combined math and reading Pennsylvania System of School Assessment Scores.
Eligible businesses can receive a tax credit of up to 90% of their contribution to The Campus Laboratory School Preschool-8 program and up to 100% on the first $10,000 for pre-k programs.
Eligible businesses can receive tax credits equal to 75% of its contribution up to a maximum of $750,000 per taxable year. The amount can be increased to 90% of the contribution, if a business agrees to provide same amount for two consecutive tax years. Total program funding is $50 million.
HOW THE EITC/OSTC PROGRAMS WORK FOR BUSINESSES
Example A (one-year commitment)
Your business applies and is approved for a $10,000 tax credit. Your business makes a $10,000 contribution to The Campus Laboratory School. Your business’ state tax burden is reduced by 75% of the contribution ($7,500).
Example B (two-year commitment)
Your business applies and is approved for a $25,000 tax credit. Your business makes a $25,000 contribution to The Campus Laboratory School each year. Your business’ state tax burden is reduced by 90% of the contribution ($22,500).
Click the following link to learn more about how your business can support The Campus Laboratory School through the EITC/OSTC programs. Campus Lab School EITC/OSTC Booklet.
THANK YOU TO OUR 2018 EITC DONORS (listed alphabetically)
UPMC HEALTH BENEFITS
NexTier Bank is very proud that we are able to contribute such a significant amount to organizations and schools, which in turn helps build strong communities!
—Tito Limo, Executive Vice President & CFO