Educational Improvement Tax Credit (EITC)
Since its founding in 2001, the Educational Improvement Tax Credit (EITC) has provided qualifying Pennsylvania business corporations and individuals (through SPE) the ability to redirect their Pennsylvania tax dollars to qualifying educational institutions, including OMPH School.
How does EITC benefit Businesses?
Businesses participating in the EITC program receive tax credits which can be applied toward the business’ tax liability. These tax credits can equal 75% of the contribution up to a maximum of $750,000 per taxable year and can be increased to 90% of the contribution if the business provides the same contribution amount for two consecutive tax years.
To learn more about the Pennsylvania EITC program and business guidelines, please visit:
How does SPE benefit Individuals?
Individuals can also participate in the EITC program. The process is similar to how businesses apply for tax credits. Individuals can apply for tax credits through a Special Purpose Entity (SPE). OMPH School works with the Central Pennsylvania Scholarship Fund (CPSF) which is free and issues 100% of your donated funds to OMPH School! You must donate at least $3,500. annually to participate through CPSF.
For additional information and to see if you qualify to participate in a SPE, please visit: http://www.pennsylvaniaeitc.org/
How do EITC and SPE benefit OMPH School?
When businesses and individuals participate in EITC and SPE, your tax dollars turn into scholarships for our students in need. You give the gift of education and our students in return receive the transformational education that defines the OMPH School experience!