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Redirect Your Company's State Taxes to Central Catholic Students
These state administered tax credit initiatives have become critical to our tuition assistance program.
Last year, over 200 Central Catholic students received tuition assistance through the state's EITC/OSTC initiative. That is nearly 25% of our student body. These state administered tax credit initiatives have become critical to our tuition assistance program.
Central Catholic's tradition is founded upon the Lasallian ideal of "education for all".
We encourage all of the business owners and leaders in our community to check with your company's accountant or CFO regarding eligibility for the programs.
If your company is authorized to do business in Pennsylvania and pays any of the following taxes, it is eligible to receive the tax credits:
- Personal Income Tax
- Capital Stock/Foreign Franchise Tax
- Corporate Net Income Tax
- Bank Shares Tax
- Title Insurance & Trust Company Shares Tax
- Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
- Mutual Thrift Tax
- Malt Beverage Tax
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
These programs allow you to reduce your business's state tax bill by providing much-needed scholarship funds to Central Catholic students. Just complete the state's on-line application on July 1 and, once approved, you can receive a business tax credit of up to 90% of your contribution; in simple terms, a $1,000 EITC/OSTC gift to Central Catholic translates into a $900 state tax credit.
Visit www.newpa.com/eitc for details and a link to the application instructions. Please contact Claudia Steffey, Director of Annual Giving, at csteffey@centralcatholichs.com with any questions. (We do recommend applying for OSTC tax credits as often the EITC credits are exhausted by July 1.)
On behalf of the young men who benefit from Central Catholic's tuition assistance fund, thank you for your consideration. Together, we will continue to inspire Men of Faith, Men of Scholarship, and Men of Service.