Educational Improvement Tax Credit Program (EITC)
Did you know that the Children’s Museum of Pittsburghwelcomed close to 13,000 disadvantaged students through our Free Field Trip program this year? By giving a gift via the Pennsylvania Educational Improvement Tax Credit (EITC) program,companies have an opportunity to support the Museum through this initiative. EITC funding allows the Museum to welcome thousands of students from low-income backgrounds as they experience the power of hands-on learning, at no cost to them.
We know from experience what EITC gifts mean to the struggling schools we work with. Teachers often share feedback like the quote below:
“The whole program is amazing because it provides opportunities to my students who are well over 50% free lunches. The students are excited about exploring new things and connecting with different professions. THANK YOU, THANK YOU IS ALL I CAN SAY! Your time and effort is so exciting and critical to our educational development, staff and students alike!”– First Grade Teacher, West Newton Elementary
By removing financial barriers, your company can help all children, regardless of economic background, to experience the Children’s Museum’s “Play With Real Stuff” philosophy, which asserts that children need a foundation of developmentally appropriate learning activities that are concrete, real and relevant to their lives.
What is EITC?
A Pennsylvania Department of Community and Economic Development (DCED) program that provides state tax credits to eligible businesses for charitable contributions made to Children’s Museum of Pittsburgh.
Is my company eligible?
Any business authorized to do business in Pennsylvania who are subject to one or more of the below taxes are eligible for EITC tax credits.
- Personal Income Tax
- Capital Stock/Foreign Franchise Tax
- Corporate Net Income Tax
- Bank Shares Tax
- Title Insurance & Trust Company Shares Tax
- Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
- Mutual Thrift Tax
- Malt Beverage Tax
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
How do I utilize EITC?
Visit the PA DCED website for EITC Guidelines and access to DCED’s electronic Single Application system to apply by for EITC by July 1. Once you apply and are approved by DCED, make your contribution to Children’s Museum of Pittsburgh within 60 days.
Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made. Tax credits equal to 75% of your contribution up to a maximum of $750,000 per taxable year; can be increased to 90% of your contribution, if your business agrees to provide the same amount for two consecutive tax years.