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Advancement » EITC/OSTC and Special Purpose Entities Tax Credit Program

EITC/OSTC and Special Purpose Entities Tax Credit Program

The Educational Improvement Tax Credit (EITC) program and Opportunity Scholarship Tax Credit (OSTC) program are excellent opportunities for your business to support Bishop McCort Catholic High School! Through this program, you can send your tax dollars to Bishop McCort, helping students further to take advantage of the wonderful education that Bishop McCort offers!

 

What is the PA Educational Improvement Tax Credit (EITC) Program?   

In 2001, the PA General Assembly established the EITC program to promote expanded education opportunities for students in the Commonwealth.  Each year, the Pennsylvania Department of Community and Economic Development (DCED) sets aside millions of dollars in tax credits through the EITC program allowing eligible Pennsylvania businesses to reduce their state tax liability by making charitable donations to approved nonprofit  organizations such as Bishop McCort Catholic High School.

 

These tax credits are a dollar for dollar reduction of actual

taxes owed...better than a tax deduction!  A win/win situation!

You can change the life of a student by reallocating your tax

dollars to our Catholic school community!

 

What is the Opportunity Scholarship Tax Credit (OSTC) Program?

The OSTC Program provides scholarships to eligible students who wish to attend a participating public or nonpublic school of their choice.  Students, who live within the attendance boundaries of a low-achieving school as determined by the Pennsylvania Department of Education, are eligible to receive an opportunity scholarship provided they also meet the household income criteria. Currently Greater Johnstown Middle School and High School, Shade Central-City, and Turkeyfoot Valley Area are defined as “low achieving” schools. Bishop McCort Catholic High School is an approved opportunity scholarship organization.

 

 

Pennsylvania now allows for a new kind of business

partnership, a Special Purpose Entity (SPE), to take part in the EITC program.

 

What is a Special Purpose Entity?

A Special Purpose Entity is a new class of pass-through partnership that exists solely for the purpose of earning Educational Improvement (or Opportunity Scholarship) Tax Credits.  It is easy to get tax credits by joining an SPE by simply signing a joinder agreement, which reserves your tax credits for the year.  You complete the process by contributing your tax dollars to the SPE’s scholarship organization rather than the state.  The final act is to make your contribution by December 31 in order to receive the tax credit for the year.

 

 

Additional details about these programs are available on the right side of the page.  

 

Click here to learn more about the EITC/OSTC program directly on the PA Department of Community and Economic Development website.

 

Contact Tina Mirilovich, Director of Advancement, at trepak@mccort.org or 814-248-3876 to discuss EITC/OSTC and Special Purpose Entity tax credit opportunities.

 

2018-19 EITC Participants:
 
Anonymous
Associates in Family Eyecare
Barbera Law
Brett Insurance
Bridge Educational Foundation
East Hills Commons, LLC
Employers Medical Access Partnership (e.map)
First Commonwealth Bank
First National Bank of PA
Michael P. Gress, DDS, PC
Inco Beverage, Inc.
Kongsberg Protech Systems
Laurel Ford
Laurel Imports, Inc.
Laurel Motors Holding Co.
Marcus & Mack
MARMAT, Inc.
Martella's Pharmacy
Mihalko's General Contracting, Inc.
Modern Art & Plate Glass Co., Inc.
North American Hoganas, Inc.
Northwest Savings Bank
Pappert Garver Realty & Michael & Monica Garver
Robindale Energy Services, Inc.
WPP Dough Company, Inc.