EITC and OSTC
Pennsylvania’s Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) allow business owners to earn a substantial tax credit when they make a donation to the Academy of Notre Dame for student scholarships.
The tax credit can be as much as 90% of the value of the donation. For example, if you give $10,000 to Notre Dame for two consecutive years, you will receive a $9,000 tax credit (not just a deduction) in each of those two years.
Instead of sending your tax dollars to Harrisburg this year, send them to Notre Dame! If your business is subject to one or more of the following Pennsylvania taxes, you are eligible.
- Personal Income Tax of S corporation shareholders or Partnership partners
- Corporate Net Income Tax
- Capital Stock/Foreign Franchise Tax
- Bank Shares Tax
- Title Insurance & Trust Companies Shares Tax
- Insurance Premium Tax
- Mutual Thrift Tax
- Malt Beverage Tax
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
The application process is simple, but since tax credits are awarded on a first-come, first-served basis, we advise businesses to apply without delay.
Here’s how it works:
1. Your company submits application to the Pennsylvania Department of Community and Economic Development online using DCED’s Single Application for Assistance.
Please note: You will be asked to select either EITC or OSTC in this application; and, in addition, if your first choice is unavailable, whether you would like apply for the other program. Please answer YES to this question. There is virtually no difference from the business’ perspective. The EITC is slightly less restrictive for Notre Dame, but funds are needed through both programs.
2. Upon approval, your company makes a donation to Notre Dame for scholarships within 60 days.
3. Notre Dame responds with written confirmation which you forward to the DCED. Your tax credit is then posted to your account at the Pennsylvania Department of Revenue.
For further information on these powerful tax credit programs that offer opportunities for our students, please contact Mimi Koelle, Director of Development.