Education Improvement Tax Credit Program
Supporting Sounds of Learning™ education could earn tax credits for PA businesses
This season, over 6,000 Philadelphia students participated in the Sounds of Learning™ program, a unique arts education experience that weaves the study of a current Opera Philadelphia production into the core school curriculum. After several weeks of stimulating classroom study and activities, students are invited to the final dress rehearsal at the Academy of Music. For many students, Sounds of Learning™ is their only access to the arts, and in an environment of drastic proposed cuts to education funding, programs like this are needed more than ever. And now, the Pennsylvania business community can help the Opera enrich the lives of Philadelphia youth while also reaping great tax advantages.
Pennsylvania's Education Improvement Tax Credit program (EITC) provides lucrative tax credits to eligible businesses who contribute to approved educational programs like Sounds of Learning™. Businesses can receive EITC credits of up to 90% of their contribution amount towards their Pennsylvania business taxes.
Your business may be eligible if it is authorized to do businesses in the Commonwealth of Pennsylvania and is 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
- Personal Income Tax of S corporation shareholders or Partnership partners
Businesses may receive a tax credit of 75% of their contribution to Sounds of Learning™ for a one-year commitment, or 90% of their contribution of the same amount each year for a two-year commitment.
Applications for businesses are accepted beginning July 1, 2014, and credits are awarded on a first come, first served basis.