The River Valley Education Foundation participates in Pennsylvania’s Educational Improvement Tax Credit (EITC) program and is an eligible Educational Improvement Organization (EIO)!
Our foundation is supported by individuals, families, teachers, businesses and sponsors who invest in academic, athletic and cultural programs to provide our students and student-athletes every opportunity to succeed now and into the future. The Foundation works to strategically align every dollar raised with the school district’s priorities and goals – focusing on flexibility and creative models of learning.
The EITC program represents one of many giving opportunities through which businesses can be supportive of boosting programs in and for Saltsburg School students.
Contact our office for more information at 724-459-5500 or firstname.lastname@example.org.
What is the Educational Improvement Tax Credit (EITC) program?
The program provides tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization. PROGRAM GUIDELINES
What is an educational improvement organization (EIO)?
EIOs are non-profit organizations that have been approved by DCED for participation in the EITC program. To become an EIO, the non-profit must apply to the DCED to show how their programs improve the educational opportunities for children. River Valley Education Foundation has been designated an eligible EIO.
What businesses are eligible?
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
When does the tax credit program begin, and how does it work?
May 17 – Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 21/22 to renew their 2-year commitment.
May 17 – Businesses who are in the middle of their 2-year commitment.
July 1 – All other businesses including initial applicants and those applicants wishing to submit an additional application on top of their previously submitted 2-year commitment.
A business firm will be approved for a tax credit equal to 75% of its contribution(s) to listed organization(s), up to a maximum of $750,000 per taxable year. The tax credit may be increased to 90% of the contribution s) made, up to a maximum of $750,000 per taxable year, if the business firm agrees at the time of application to provide the same amount of contribution for two consecutive tax years. To ensure the receipt and retention of the 90% tax credit, the business firm must make the same amount of contribution in each of the two consecutive tax years.
How do businesses apply for the tax credit?
Pennsylvania businesses can apply for EITC credits through DCED’s electronic single application system.
The business application guide explains the process of applying. Tax credit applications will be processed on a first-come, first-served basis by day submitted. All applications received on a specific day will be processed on a random basis before moving on to the next day’s applications. Applications will be approved until the amount of available tax credits is exhausted.