Support Jubilee through EITC and OSTC!
Pennsylvania’s Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs enable the business community to invest directly in tomorrow’s workforce by turning tax dollars into scholarship funds. Under EITC and OSTC, businesses are credited for contributions to qualified Scholarship organizations, such as Jubilee School, that provide much needed tuition assistance. With minimal or no additional costs, businesses like yours and others can impact the lives of children seeking a better future through education.
Why Support Jubilee School?
As the need for quality education rises in Philadelphia, Jubilee School fills a much needed niche: an affordable private school that fosters the creativity and intellect of children.
It costs $12,000 to educate one child at Jubilee; yet, tuition is less than half that amount to ensure that Jubilee remains accessible to all families. In addition, Jubilee provides general financial aid reaching families that could not traditionally afford a private school education. Jubilee relies on the support of generous businesses, donors and foundations to provide students a rigorous education.
How does it work?
Businesses will be approved for a tax credit equal to 100% of the first $10,000 contributed and up to 90 percent of the remaining amount contributed up to a maximum credit of $200,000 annually if it donates to CPS as a Pre-Kindergarten Scholarship Organization via the EITC program. If donating to CPS as a Scholarship Organization through EITC and/or OSTC, businesses will be approved for a tax credit equal to 75% of its contribution, up to a maximum of $750,000 per taxable year. The tax credit may be increased to 90% of the contribution made if the business agrees to provide the same amount of contribution for two consecutive tax years.
How Do I Apply?
- Visit www.newpa.com and click on “Single Application” for the application.
- EITC applications will be reviewed on a first-come, first-served basis beginning July 1, 2015. OSTC applications are reviewed on an ongoing basis until funding runs out.
- Make checks payable to “Jubilee School”.
- Jubilee will send you an acknowledgement letter, which you then send to the Commonwealth of Pennsylvania as proof of contribution.
Who Can Participate?
Your business qualifies if it pays one or more of these taxes in Pennsylvania.
– Bank and Trust Company Shares Tax
– Corporate Net Income Tax
– Mutual Thrift Institution Tax
– Capital Stock Franchise Tax
– Insurance Premiums Tax
– Title Insurance Companies Shares Tax
– Personal Income Tax of S Corporation shareholders/partners
For more information about EITC, go HERE.
Jubilee School thanks its past and current EITC partners!
- Universal Health Services of Delaware Inc
- Philadelphia Contributorship
- Ace American Insurance Company
- JP Mascaro & Sons