Introduction of CTF for Businesses
Opening the Doors of Affordability for Families
The state of Pennsylvania provides three business tax credit options for supporting non-pubic school families with tuition assistance. Through the ACSI CTF program, businesses may elect to designate their contribution to a designated school.
Tax Credit Programs:
- Educational Improvement Tax Credit Program (EITC) for students in Grades K-12
- Pre-Kindergarten Tax Credit Program (PKTC): for students 3 years of age or older in a pre-kindergarten program
- Opportunity Scholarship Tax Credit Program (OSTC): for students K-12 that reside within the boundaries of state identified low performing schools.
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Insurance Premiums Tax
- Bank & Trust Company Shares Tax
- Mutual Thrift Institutions Tax
- Title Insurance Companies Shares Tax
- Malt Beverage Tax
- Subchapter S Corporations/Pass Through Entities
Amount of Tax Credits:
Participating business can receive up to a 90% state tax credit of the amount contributed - applied to any of the above tax areas. For a one-year commitment, the percentage is 75%. Federal deduction is eligible according to the charitable giving laws and based on the entire amount contributed. EITC/OSTC contribution cap: $750K/PKTC: 200K
Date to Apply:
Applications for new participating businesses will be accepted on July 1. For EITC & OSTC only, businesses that are coming off of a two year commitment, or beginning a new two year commitment, are to submit their application between May 15 and June 30.
Guidelines & Application:
- Guide for Completing Online Applications: newpa.com
- Application: newpa.com
- Contact CTF_NE@acsi.org or call 717.285.3022