Pennsylvania Educational Improvement Tax Credit Program
What is EITC?
The Commonwealth of Pennsylvania enacted the Educational Improvement Tax Credit Program (the “EITC Program”) in 2001 in order to allow businesses to support education in Pennsylvania. Through the EITC Program certain businesses can make donations to a school’s EITC-registered scholarship fund and in return receive a credit against its Pennsylvania taxes that would otherwise be due. In 2014, due to a law change, companies began passing through EITC tax credits to individual donors in business entities called Special Purpose Entities (SPE’s). Aquinas Academy recently formed its own SPE — the Aquinas Scholarship SPE I, LLC — so qualified individuals can participate and contribute to Aquinas Academy’s EITC program.
AQUINAS ACADEMY HAS AN EITC-REGISTERED SCHOLARSHIP FUND
Through EITC contributions, Aquinas Academy was able to award 91 students Financial Aid Scholarships during the 2021-2022 school year.
Is your business eligible to participate in the EITC Program?
A business is eligible to participate in the EITC Program if the business pays one of the following Pennsylvania 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 Institutions Tax
- Personal Income Tax of S Corp shareholders and Partnership partners in a general or limited partnership
How does your business apply to participate in the EITC Program?
A business applies to participate by completing a simple one-page application form (Appendix 1-SO). The form MUST BE COMPLETED ELECTRONICALLY online through the Department of Community and Economic Development’s (“DCED”) website(717)787-7120.. For further information or questions, you can reach DCED at
Assistance is also available in the office of the business manager at Aquinas Academy (724.444.0722 Ext:19).
Are you eligible as an individual to participate in the EITC Program through the Aquinas Scholarship Special Purpose Entity?
As an individual you are eligible to participate in the EITC program by becoming a member of the SPE if you meet the following criteria:
- You are a Pennsylvania Resident
- You Qualify as an Accredited Investor under regulation D of the Securities Act
- You are a shareholder, partner, member or employee of a business firm
- You are not a member or employee of a non-profit or governmental entity
- You can make a two-year commitment for a minimum annual amount of $4,000
How do you become member of the Aquinas Scholarship SPE I, LLC?
An individual will need to complete and execute a Subscription, Unit Purchase, and joinder agreement along with a purchaser questionnaire to become a member. The forms can be obtained from Susan Leonard, Business Manager, at 724.444.0722 Ext:19 or email.
Please help us strengthen our school and community by participating in the program.