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Tax Credit Programs
You can redirect your PA tax dollars to Devon Prep through the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs, which benefits students who reside in under-performing school districts.
Companies that do business and pay taxes in Pennsylvania can receive a 75% tax credit for donations to Devon Prep’s financial aid program. The tax credit increases to 90% if a company commits to making the same donations for two consecutive years.
Corporate Eligibility:
- Personal Income Tax
- Capital Stock / Foreign Franchise Tax
- Corporate Net Income Tax
- Bank Shares Tax
- Title Insurance & Trust Company Shares Tax
- Insurance Premium Tax
- Mutual Thrift Tax
- Malt Beverage Tax
- Surplus Lines Tax
Personal 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 new worthover $1 million, either alone or together with a spouse, excluding the value of the person’s primary residence.
Applications & Timelines
Applications are completed online and the process is simple. Applications become available on July 1st for businesses who have not participated before. Renewal applications for 2 year commitment donors are accepted beginning May 15. They are approved on a first come, first served basis and can be submitted online using the following link https://www.esa.dced.state.pa.us/Login.aspx.
Upon approval, your company makes a donation to Devon Preparatory School within 60 days. Devon Prep will respond with a tax letter which you will forward to the state within 90 days to receive your tax credits.
Informational links: