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November
5, 2008 - Tax credits to eligible businesses
contributing to a Scholarship Organization, an Educational
Improvement Organization, and/or a Pre-Kindergarten Scholarship
Organization.
Eligibility: Businesses authorized to do business in
Pennsylvania who are subject to one or more of the following
taxes: Corporate Net Income Tax; Capital Stock Franchise Tax, Bank
and Trust Company Shares Tax; Title Insurance Companies Shares
Tax; Insurance Premiums Tax; Mutual Thrift Institution Tax; or
Personal Income Tax of S corporation shareholders or Partnership
partners. It is available to any size business and the business
can be located anywhere provided it is authorized to do business
in PA.
Uses: Tax credits may be applied against the tax
liability of a business for the tax year in which the contribution
was made
Where To Apply: DCED Center for Business Financing, Tax
Credit Division, 4th Floor,
Commonwealth
Keystone
Building
,
400 North Street
,
Harrisburg
,
PA
17120
: (717)-787-7120 or tknorr@state.pa.us. Applications are approved
on a first-come-first-served basis by date received. Information
is also available on www.newpa.com/programdetail
Amounts: Tax credits equal to 75% of its contribution up
to a maximum of $300,000 per taxable year; Can be increased to 90%
of the contribution, if business agrees to provide same amount for
two consecutive tax years; For contributions to Pre-Kindergarten
Scholarship Organizations a business may receive a tax credit
equal to 100% of the first $10,000 contributed and up to 90% of
the remaining amount contributed up to a maximum credit of
$150,000 annually.
Terms: An approved company must provide proof to DCED
within 90 days of the notification letter that the contribution
was made within 60 days of the notification letter; Tax credits
not used in the tax year the contribution was made may not be
carried forward or carried back and is not refundable or
transferable.
Organizational applications are accepted year round. Renewals
for 09-10 should be submitted beginning May 1, 2009.
For more information, please contact Gene Ciociola at
215-564-1900.
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