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EITC/OSTC
The Educational Improvement Tax Credit (EITC) and the Opportunity
Scholarship Tax Credit (OSTC) program is a unique way for individuals, small businesses and corporations to support Roman Catholic High School. For a one-year commitment, individuals and businesses receive a tax credit of 75% of their contribution. However, for a two-year commitment, individuals and businesses
receive a tax credit of 90% of their contributions.
It is easy for you or your business to participate!
First, you need to submit your application to BLOCS or The Foundation for Catholic Education (The Foundation), two of the scholarship organizations who facilitate this program for Roman.
Once the state approves your application, you need to make a gift to BLOCS or The Foundation, designated to Roman Catholic High School, within 60 days. Each year, a finite amount of tax credits is made available, and tax credits are awarded to individuals and businesses on a first-come, first-served basis.
SAMPLE DONATION
| Donation to Roman Catholic High School | $5,000 |
| PA Tax Credit (2 Year Pledge) | $4,500 |
| Net Federal Tax Reduction for Contribution (21% Tax Rate) | $105 |
| Out of Pocket Cost | $395 |
To participate in this exciting program or for more information do not hesitate to contact us at 215-627-5487 ext. 203.
How to get EITC or OSTC Tax Credit
A gift to Roman Catholic High School can offset your Pennsylvania individual, or business, income tax liability. These tax benefits are not deductions, but direct
credits off your tax liability.
Do you pay Pennsylvania state income tax? If so, your gift to Roman Catholic could cost you only 10 cents on the dollar. One-time donors receive a Pennsylvania tax credit of 75%, and donors who commit to two consecutive-year gifts qualify for a 90% tax credit. The program is available to a wide variety of individuals, businesses, and tax categories. EITC and OSTC tax credits can be used for any of the following tax categories:
- Corporate Net Income Tax
- Capital Stock Franchise Tax
- Bank & Trust Company Shares Tax
- Title Insurance Company Shares Tax
- Insurance Premiums Tax
- Mutual Thrift Institutions Tax
- Single member of Limited Liability Company (LLC)
- S corporations
- General Partnerships
- Limited Partnerships
- Shareholders, Partners or Members of S Corporations
Here are the four simple steps to get an EITC or OSTC Tax Credit:
2. Once you are approved, you have 60 days from date of approval to allocate your donation to Roman Catholic High School though BLOCS, or the Foundation (by November 15th).
3. The scholarship organization will mail you a K-1 in February, which will report your tax credits.
4. When the scholarship organization mails you your K-1, file your taxes and receive a refund or tax credit.
For more information, contact Rick Zambino Director of Development & Alumni Relations, at (215) 627- 5487 x203, or rzambino@romancatholichs.com.
EITC/OSTC Brochure
