Dear Friends of TCA,
I am writing to give you an update of some exciting news about the Educational Improvement Tax Credit (EITC). As of July 1, 2008, the Pennsylvania State Legislature amended the EITC eligibility by the following:
"Subchapter S Corporations and other "pass through" entities will be able to use the EITC credit against personal income taxes from PA business income of the "pass through" entity."
What that means is, for the 2016-17 state fiscal year, the EITC program will expand the eligibility of the program to include Subchapter S Corporations, LLC's, LP's and Partnerships. This is in addition to companys' paying Corporate Net Income Tax, Capital Stock Franchise Tax, or Mutual Thrift Institution Tax, who are already eligible. The business tax cap per year has also been raised to $750,000.
Just a reminder, this is a program where eligible businesses can designate tax credits directly to The Christian Academy. These monies are then used to provide scholarships for families that qualify.
For more details on how this works, go to Educational Improvement Tax Credit Program.
How can you help? If you own your own business are you perhaps now eligible under these new guidelines? If so, would you consider participating in the program? Also, if you know someone whose business may now be eligible, would you encourage them to participate?
Thank you for helping in any way you can. If you have questions or want materials, please contact me at the school office.
Timothy Sierer, Ed.D.Headmaster610email@example.com