Make a contribution to KidsPeace through the EITC and receive tax credits equal to 75% of its contribution up to a maximum of $300,000 per taxable year. Your credit can be increased to 90% of the contribution if your business agrees to provide the same amount for two consecutive tax years.
Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes: Corporate Net Income Tax; Capital Stock Franchise Tax, Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; Mutual Thrift Institution Tax; or Personal Income Tax of S Corporation Shareholders or Partnership Partners.
Where to Apply
DCED Center for Business Financing, Tax Credit Division, 4th Floor, Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120: (717)-787-7120 or RA-EITC@pa.gov. Applications are approved on a first-come-first-served basis by date received.
Applications for FY12-13 will be accepted beginning July 2, 2012 (July 9, 2012 for pass through credits).
How to Apply
The application process is extremely efficient. The first step requires an interested business or business owner to send the PA State Department of Community and Economic Development (DCED) a one-page application for the tax credit. After the DCED reviews the application and confirms there is money available in the program, tax credits will be awarded on a first-come, first-served basis. Once approval is received by letter from DCED, businesses must make their contribution(s) within 60 days.
Upon receipt of the contribution, KidsPeace will provide substantiation of the donation. The business simply files this substantiation with the DCED to complete the process. The business is then able to claim the tax credit on its subsequent state tax filing. Specific procedures for business owners electing to pass through the EITC to individual tax returns are found in the application packets noted below.
For more information on how your business might participate in this exciting, “easy to do” program, please contact Patrick Slattery, KidsPeace Director of Advancement, at 610-799-8326 or email email@example.com.
You may also obtain additional information by calling the PA Department of Community and Economic Development at 717-787-7120 or online at www.newpa.org.
NOW IS THE BEST TIME TO ACT!! Each year the Commonwealth of Pennsylvania budgets a certain amount of funds for the EITC program. Applications for the tax credits are accepted on July 1 of each year (earlier if it is for the 2nd year of a 2-year commitment). Because of the popularity of the program, businesses are encouraged to apply for the credit as early as possible. However, applications are encouraged throughout the year as unallocated credits usually become available.