Council Rock Students Benefit By Pennsylvania Educational Income Tax Credit Program

The Council Rock Education Foundation’s renewal application for Pennsylvania’s Earned Income Tax Credit (EITC) program as an Educational Innovative Organization was approved this past week, which means they are ready to accept charitable donations through the EITC program from approved Pennsylvania businesses.

Donations received from approved EITC Pennsylvania businesses impact Council Rock students, over 11,000 enrolled students last year and 8,000 households in the District, with innovative experiences that enrich the excellent quality of a Council Rock Education funded through the Council Rock Education Foundation. Contributions support experiential, creative, K - 12 knowledge-based projects, over and above the District curriculum, which engage young minds, fostering their passion for continued learning in science, technology, engineering, the Arts and Math. During the 2015-2016 school year, EITC donations helped fund fourteen innovative projects throughout the District.

Newtown Middle School’s STEM Club purchased 10 telescopes to record data on solar features such as filaments, sunspots and prominences to compare with NASA statistics - one of fourteen innovative projects, made possible by EITC donations through the Council Rock Education Foundation during the 2015-2016 school year.

Participating businesses can receive a tax credit equal to 75% of its contribution to an Educational Innovative Organization, like Council Rock Education Foundation, up to a maximum of $750,000 per taxable year. The tax credit may be increased to 90% of the contribution made if the business agrees to provide the same amount of contribution to an organization for two consecutive years. Each company's tax situation is different so businesses should consult with their company’s financial advisor to determine the best strategy.

Businesses eligible for the credit are pass-through entities, such as S and C Corporations, Partnerships, LLC’s, etc. Businesses authorized to do business in Pennsylvania subject to one or more of the following taxes:

- Personal Income Tax

- Capital Stock/Foreign Franchise Tax

- Corporate Net Income Tax

- Bank Shares Tax

- Insurance Premiums Tax

- Mutual Thrift Tax

- Malt Beverage Tax

- Title Insurance & Trust Company Shares Tax

- Retaliatory Fees under section 212 of the Insurance Company Law of 1921

Pennsylvania businesses can apply for EITC credits through DCED's electronic single application system at http://www.newpa.com/eitc Tax credit applications process on a first come, first-served basis and approved until available tax credits are exhausted.

For more information on becoming a partner with Council Rock Education Foundation for K - 12 educational opportunities, contact Gail Acosta at (215)944-1023 or gacosta@crsd.org Visit ww.creducationfoundation.org to view CREF’s Grants in Action.