Pennsylvania EITC/OSTC Program
Give the Gift of Fearless Learning
Benefits to AIM Academy
Your support through the EITC and OSTC programs helps AIM Academy continue to provide an outstanding educational experience for bright students who learn differently. Available to companies that are authorized to do business in Pennsylvania, these scholarship opportunities open the door for many families, allows students to fearlessly reach their academic potential, and enhances our ability to influence the educational experiences for children throughout the Philadelphia area and beyond. In addition, the scholarships enable us to create a diverse community and make possible necessary funding of other projects and school improvements.
Pennsylvania’s Educational Improvement (EITC) and Opportunity Scholarship Tax Credits (OSTC) allow business owners to redirect their PA tax dollars and earn a substantial tax credit for up to 90% of certain PA taxes when they make a donation to AIM Academy for student scholarships.
In 2017-18, 32 businesses and individuals contributed more than $1,000,000 to AIM through these programs, providing critical financial aid to deserving students.
If your business (C-Corp, S-Corp, LLC or Partnership) is subject to one or more of the following Pennsylvania taxes, you are eligible.
- Personal Income Tax of S corporation shareholders or Partnership partners
- Corporate Net Income Tax
- Capital Stock/Foreign Franchise Tax
- Bank Shares Tax
- Title Insurance & Trust Companies Shares Tax
- Insurance Premium Tax
- Mutual Thrift Tax
- Malt Beverage Tax
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
It’s easy to apply!
Here is how it works:
- Tax credits are awarded on a first-come first-served basis through completing a Single Application for Assistance each year.
- Applications for the second year of a two-year commitment are due May 15, 2018.
- Renewal applications for donors completing a two-year commitment are accepted starting May 15, 2018.
- New business applications are submitted by July 2, 2018.
- Tax credits are given for 75% of your business contribution, up to a maximum of $750,000 per year.
- Businesses making a two-year commitment receive a tax credit equal to 90% of the contribution.
- Please consult your tax advisor to maximize your potential tax savings.
What is EITC/OSTC and what is the difference?
Educational Improvement Tax Credits (EITC) gifts provide financial aid to students living in low-income households who attend an eligible scholarship organization like AIM Academy.
The Opportunity Scholarship Tax Credit (OSTC) program supports AIM students from low-income households who live in neighborhoods with low-achieving public schools. The tax benefit to businesses is the same.
Please contact Joy Antonoplos, Associate Director of Institutional Advancement at firstname.lastname@example.org or 215-948-9335 for assistance.