EITC / OSTC PROGRAMS

Did you know that you can redirect your corporate or personal PA tax dollars to Devon Prep? Devon Prep is eligible to receive contributions through two programs offered by the Commonwealth of Pennsylvania: the Educational Improvement Tax Credit (EITC) program and the Opportunity Scholarship Tax Credit (OSTC) program. The EITC Program and the OSTC Program, which benefits students who reside in under-performing school districts, each provide a wonderful opportunity for Devon Preparatory School, for our corporate donors, and for the students who receive access to a quality education.

Corporate Tax Credits
Companies that do business and pay taxes in Pennsylvania can receive substantial tax credits for donations to Devon Preparatory School’s student financial aid program. The EITC and OSTC programs each provide companies with a 75% tax credit for donations to approved Scholarship Organizations, including Devon Prep. The tax credit increases to 90% if the company commits to making the same donations for two consecutive years. A business paying taxes in Pennsylvania can receive up to $750,000 in tax credits annually.

Eligibility
Businesses authorized to operate in Pennsylvania and subject to one or more of the following taxes are eligible to participate:

• Personal Income Tax of S corporation shareholders or Partnership partners
• Corporate Net Income Tax
• Capital Stock/Foreign Franchise Tax
• Bank and Trust Companies Shares Tax
• Insurance Premium Tax
• Mutual Thrift Institution Tax
• Malt Beverage Tax

Applications
All applications are completed online and the application process is simple. Applications for the Pennsylvania Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs will become available on July 1st for businesses who have not participated before. Renewal applications for 2 year commitment donors are accepted beginning May 15 of each year. Applications are approved on a first come, first served basis until the amount of available tax credits is exhausted.

Personal Tax Credits
Devon Prep is also partnering with Business Leaders Organized for Catholic Schools (BLOCS) to provide an opportunity for you to redirect your personal PA tax liability to scholarships! Tax credits are available to members in one of the BLOCS Scholarship LLCs, special purpose limited liability companies established to provide tuition assistance scholarships to low income families through the use of the EITC and OSTC programs. There is a two year, $7,000/year commitment required. You may designate your contribution to Devon Prep, which then awards financial assistance to qualified students.

Eligibility
An accredited investor, according to the SEC,  includes any person who meets one of the following criteria:

  • Earned income that exceeded $200,000 (or $300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year,
  • Has a net worth over $1 million, either alone or together with a spouse, excluding the value of the person’s primary residence.

For more information on personal tax credits, please visit http://blocs.org/personal-tax-credits/.

For additional information on how you can participate in these programs, please contact Jean Emhof, Devon Prep Development Director, at 610-688-7337 or email development@devonprep.com or visit  Educational Improvement Tax Credit (EITC) and/or Opportunity Scholarship Tax Credit (OSTC).