OSTC/EITC Tax Credit Scholarships
Companies , S-Corporations, Partnerships, LLCs anticipating having a Pennsylvania tax liability for 2017 can apply. In general, the program applies to businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes:
- 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
- Company fills out attached form and returns it to Liguori Academy by June 23
- Liguori submits all completed forms to Harrisburg by July 3
- Harrisburg notifies each company about how many credits it is allocated. Companies receive a credit of 75% of their donation for a one-year commitment, or 90% of their donation for a two-year commitment, up to a maximum credit per company of $750,000 per taxable year. Some businesses have several registered corporations – each of those corporations owing taxes can apply for credit.
- Company has 60 days from the date of the Harrisburg notification letter to issue a donation to Liguori, and then an additional 30 days to notify Harrisburg that the donation was made.
- Harrisburg will then notify the company that the company has fulfilled its obligation and can use the promised tax credits when filing its tax returns