Questions and Answers about Miquon and the EITC . . .
When do I submit the application?
What is the Educational Improvement Tax Credit (EITC)?
EITC is basically free money that can be given to The Miquon School by Pennsylvania businesses. The Commonwealth of Pennsylvania has approved The Miquon School as a "scholarship organization" eligible for funds through the EITC (Educational Improvement Tax Credit) program.Who may make EITC gifts?
Businesses that pay certain Pennsylvania state income taxes are eligible to make EITC gifts. EITCs may be applied against the following taxes:• Bank and trust company shares taxHow much of my tax liability may I donate to Miquon through EITC?
• Capital stock / franchise tax
• Corporate net income tax
• Insurance premiums tax
• Mutual thrift institutions tax
• Title insurance companies shares tax
Businesses can receive a tax credit equal to 75% of their contribution up to $200,000 per taxable year. The tax credit increases to 90% if the business agrees to provide the same amount for two consecutive years. A charitable contribution deduction may be available to your business for the remaining contribution amount not eligible for a tax credit. Essentially, it costs a dime for you to give a dollar.What will Miquon do with the money?
All EITC donations are used to support families who would not otherwise be able to afford a private school education. This is a need-based support, not one that requires demonstration of academic excellence. Everyone benefits from this initiative through richer experiences and varying points of view.Where do I get an application?
Go to the Department of Community and Economic Development at www.newpa.com. Select "EITC Business Guidelines" for further information and the application form. Be sure to read the materials for Scholarship Organizations (section III-A and appendix I-O). Or click here for the application, which is an interactive pdf file for you to complete, print, and submit.Where do I submit the application?
For program inquiries or delivery of applications via mail, fax, e-mail or in person:
Department of Community and Economic Development
The Educational Improvement Tax Credit Program
Center for Business Financing - Tax Credit Division
400 North Street, 4th Floor
Commonwealth Keystone Building
Harrisburg, PA 17120-0225
Telephone: (717) 787-7120
Fax: (717) 772-3581
E-mail: tknorr@state.pa.us
Applications may be received by the PA EITC Office beginning July 2, 2008. Because EITC funds are limited and will be made available on a first-come first-served basis, it is important for your application to be delivered ON July 2, 2008.Can Miquon help me apply?If it is more convenient for you, the application may be delivered to The Miquon School Development Office by June 29, 2008 and we will deliver it for you.
Early applications arriving at the PA EITC Office before July 2, 2008 will be returned to sender for re-application. Late applications will likely be denied due to lack of available funds.
Yes. Miquon can help you. We can work with your accountant, complete the application for your signature, and even deliver your application for you.Whom should I contact at Miquon to learn more or to discuss my interest in making an EITC gift?
Melanie Gaspari, Director of Resource Development, or John Rosenwinkel, Vice President/Treasurer of The Miquon School Board of Trustees and EITC Committee Chair, would be happy to speak with you any time you wish to discuss EITC giving.Melanie can be reached at 610-828-1231 or alumni@miquon.org.
John can be reached at: John@rosenwinkel.org.
photos courtesy of Addison Geary