Friday, May 26, 2017

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EITC/OSTC

Margaret Joyce Hand ’52 and her husband Joe have opened the doors for countless Little Flower students using the EITC/OSTC program for Pennsylvania Businesses.

"EITC contributions cost Joe Hand Promotions so little, that we feel strongly about continuing our own personal annual contribution,” insists Joe Hand.

Marge Hand says,"It’s an easy decision. We have to pay the money one way or another. Why not use it to help Little Flower students like Naja?”

 

I have to pay the taxes anyway. Why not use EITC/OSTC to help Little Flower?
The Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) Programs allow Pennsylvania businesses to earn tax credits for contributions made to qualified Scholarship Organizations like BLOCS.The Scholarship Organization then distributes those scholarships to Little Flower Catholic High School for Girls to help students with financial need. OSTC is specifically for students whose neighborhood school is considered failing.

Receive a 75% tax credit for a one-year commitment. Receive a 90% tax credit for a two-year commitment.

That means a contribution of $1,000 could cost your business only $100. Your donation may also be eligible for a federal charitable tax deduction.

This sounds complicated. How do I apply?
We make it easy for you! Business Leaders of Catholic Schools (BLOCS) can walk you and your accountant step-by- step through the application process. Here are two simple steps to get you started and BLOCS will take it from there:

1.     Fill out the application form.  Application form

2.     Email the application form to Jeff Gibson at jgibson@blocs.org

I also want to help my grade school. Do I need to apply twice?
No. One application is all that is necessary. Once your company is approved for the program your scholarship donation may be distributed to more than one school including your alma mater grade school, your spouse’s alma mater and your children’s schools.

I have a small business. Is there a minimum contribution?
We have received scholarship distributions as low as $500. For a two year commitment, that would cost your business only $50 a year.

The maximum tax credit allowed under both the EITC and the OSTC program is $750,000 for each.

Does my business qualify?
EITC and OSTC tax credits can be used for any of the following tax categories:

·                 Corporate Net Income Tax

·                 Capital Stock Franchise Tax

·                 Bank & Trust Company Shares Tax

·                 Title Insurance Company Shares Tax

·                 Insurance Premiums Tax

·                 Mutual Thrift Institutions Tax

The following business ownership structures can utilize tax credits as a pass through for their personal income tax liability:

·                 S Corporations

·                 General Partnerships

·                 Limited Partnerships

·                 Shareholders, Partners or Members of S Corporations

Single member of Limited Liability Company (LLC) is available for individuals whose personal tax liability qualifies. The minimum contribution for the LLC is $7,000 per contributor.

Contact Amy Steinmetz Carthy acarthy@littleflowerhighschool.org or 215-455-6900 ext.130 to discuss.