Opportunities exist for businesses to receive tax credits through these PA Tax Credit programs and Dayspring is an approved EITC/OSTC scholarship organization and participating school.
May 15 – Business applicants who have fulfilled their 2-year commitment and wish to reapply in FY 18/19 to renew their 2-year commitment.
May 15 – Businesses who are in the middle of their 2-year commitment.
July 2 – All other businesses businesses including initial applicants and those applicants wishing to submit an additional application on top of their previously submitted 2-year commitment.
Many in the Pennsylvania state legislature have called the Educational Improvement Tax Credit (EITC) program the best educational initiative passed in Pennsylvania in the past 15 years. Funds for the program come from businesses that make contributions to non‐profit scholarship or educational improvement organizations. Since the program’s inception in 2001, more than 30,000 companies have pledged in excess $812 million to EITC organizations. The program benefits both public and private schools in Pennsylvania, and actually saves the state money – each student attending private schools saves the state approximately $12,000 in education costs. If all 44,000 students receiving EITC scholarships would re‐enter the public school system, it would cost Pennsylvania taxpayers an additional $531.6 million per year. The EITC program has received bipartisan support since its inception. To apply for EITC, download Dayspring’s EITC/OSTC Information Booklet, or download the Pennsylvania EITC Business Guidelines.
Additionally, in 2012, the Pennsylvania General Assembly passed a measure that allows parents of students in a failing school to choose something better for their children. The Opportunity Scholarship Tax Credit (OSTC) allows your business to redirect your business tax dollars to approved schools, like Dayspring Christian Academy. Your business’s redirected tax dollars are used to fund scholarship programs for students who live in areas served by the lowest achieving 15% of Pennsylvania’s public schools and who meet specific income criteria. These tax credit programs for Pennsylvania businesses redirect tax dollars to an approved scholarship organization. The DCA Scholarship Organization will then award scholarships to families at our school and across Pennsylvania to assist their children in attending the school of their choice. To apply for OSTC, download this helpful OSTC Informational Document.
With the new tax code now in place for 2018, it may be beneficial for you and/or your company to apply for EITC/OSTC funds. To learn more about how EITC/OSTC and the new tax codes can benefit your company, please contact either Joanne Martin at Dayspring or your CPA for more information.