PA Tax Credit Programs

Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes may apply for EITC and/or OSTC:

• 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

Some individuals may now be eligible for tax credits that were previously available only to businesses, and an increasing number in The Haverford School community have been taking advantage of this new opportunity. The tax benefit for individuals is the same as for businesses, but the process to apply for the credits slightly different. For more information, next steps, or to connect with a Haverford School family who participates in PA State Tax Credit Programs through personal taxes, contact Matt Nierenberg at 484-417-2794 or mnierenberg@haverford.org.

The EITC program provides tuition assistance support to qualified students from low income households. The OSTC program is slightly more restrictive, in that the students must also live in school districts ranked in the bottom 15% in Pennsylvania. The tax benefits of these programs are exactly the same.

Applications for returning businesses are accepted online beginning May 15. Applications from businesses new to these programs are accepted online beginning July 1. Please note that applications are accepted on a "first come, first served" basis, and EITC in particular runs out of funds quickly, so it is important for new businesses to submit on July 1.

For additional information, please visit the PA EITC website or contact Major Gift Officer Matt Nierenberg at mnierenberg@haverford.org. Thank you.

The Department of Community and Economic Development (DCED) will send an approval letter to businesses that have been awarded tax credits. Please note that the timing of these letters varies from year to year. We will be in contact with businesses who have let us know about their application when there are any updates from DCED.

From the time the letter has been received from DCED, the business has 60 days to send its philanthropic contribution to The Haverford School.

The Haverford School will issue a gift acknowledgement receipt which the business must send to the DCED within 90 days of the original approval letter. After sharing this written acknowledgement with the DCED, the business will receive the amount of tax credits outlined in the original approval letter.