EITC
Reading Public Library Foundation has been approved as an Educational Improvement Organization (EIO) under the PA Educational Improvement Tax Credit Program (EITC).
What is EITC?
The Educational Improvement Tax Credit program provides tax credits to eligible businesses that pay PA corporate tax when donating to approved EIO’s. The program promotes broader education opportunities for PA students. With your participation, you will be directing your tax dollars to benefit education. Eligible businesses can receive a tax credit equal to 90% of your contribution for a two year commitment, and a 75% credit for a one year commitment. Your donation also qualifies as a charitable contribution, reducing the business’ net income for state and federal taxes.
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
- Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.
How do I apply?
Pennsylvania businesses can begin applying for EITC credits through the Department of Commerce DCED’s electronic single application system https://dced.pa.gov/programs/educational-improvement-tax-credit-program-eitc/ on July 1.
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. Applications will be approved until the amount of available tax credits is exhausted.
What are the approved programs that I can fund?
Food for Thought – grades K -5
Food for Thought teaches children to make simple meals and snacks using limited ingredients that most people have in their homes. Addressing literacy, math, and science components as well as food standards, this program teaches students about the basic components of a recipe, basic nutrition, and balanced diets. It incorporates math concepts such as measurements and fractions, introduces chemistry standards of matter, energy, and reactions, and reinforces literacy skills through the reading of recipes and cookbooks. Family participation is welcome.
Art Blast – grades K – 5
Art Blast gives children the opportunity to create and experience a variety of art mediums and styles. Each program addresses the visual arts and reinforces literacy skills through the reading of nonfiction books about the topic lesson. Lessons include projects such as color mixing, bubble and tile art, beading, introduction to crocheting, and watercolor. Children use the creative portion of their brains, experiment with different styles and materials, and have fun!
For more information or to direct your donation, contact:
carolyn.spano@readingpubliclibrary.org, Director of Advancement and Communications, or by phone at 610.478.8977.