MAEC is an approved Educational Improvement Organization under the EITC (Educational Improvement Tax Credit) program, which awards tax credits to businesses that make contributions to YES Northeast.
Tax credits apply to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization.
Tax credits equal to 75% of its contribution up to a maximum of $300,000 per taxable year; Can be increased to 90% of the contribution, if business agrees to provide same amount for two consecutive tax years; For contributions to Pre-Kindergarten Scholarship Organizations a business may receive a tax credit equal to 100% of the first $10,000 contributed and up to 90% of the remaining amount contributed up to a maximum credit of $150,000 annually.
Businesses authorized to do business in Pennsylvania who are 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; or Personal Income Tax of S corporation shareholders or Partnership partners.
An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter; Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and is not refundable or transferable.
Where to Apply
MAEC will hand-deliver business applications to DCED Center for Business Financing in Harrisburg. Applications are approved on a first-come-first-served basis by date received. All funds for FY2011-2012 have been fully exhausted. Applications for 2012-2013 will be accepted in the spring of 2012 and are due July 1, 2012.
Please contact the Council office for more information at 570-622-0940 or check out DCED’s website at http://www.newpa.com/ and type in “EITC” in Search.