Designate Your Gift: EITC/OSTC
Through the EITC (Educational Improvement Tax Credit) and the OSTC (Opportunity Scholarship Tax Credit) programs, Pennsylvania business owners and those who can influence them are in a unique position to leverage their state tax liability to maximize scholarship contributions.
Business owners who make a two-year commitment receive a 90% Pennsylvania tax credit for every donation (75% for a one year commitment). Our current business donations range from $500 to $80,000 per year.
“Companies, such as PNC, that participate in the Educational Improvement Tax Credit Program see their money well spent. I would encourage businesses to participate and support education and scholarships for young students. I’ve seen the results, first hand, and the impact these dollars make to help kids achieve their goals and be successful in life. Using the PA Tax Credit Program is a great way businesses can put their money to work for them.”
Regional President – PNC Bank
“What a fantastic program! The OSTC tax credit program helps everyone: needy, deserving students from poorly performing schools receive a top notch high school education; the participating school, in my case Mercyhurst Prep, achieves greater diversity in its student body; and the business donor receives more tax relief from the State and Federal governments than the donor gives. What could be better than a win, win, win?”
Owner – Composiflex
The program is simple. For example, if an approved business owner with a tax liability of $40,000 chooses to donate that amount to Mercyhurst Prep, it translates into a mere $4,000 tax bill.
|$ 40,000||100% of your donation to MPS scholarships|
|– 36,000||90% tax credit deducted from your tax bill|
|$ 4,000||Taxes owed|
The program is so easy and so successful that in the current school year, MPS was able to offer more than $365,000 in full and partial scholarships, thanks to business owners’ taking advantage of the EITC and the OSTC programs. That is more than one third of all of the Laker scholarships and financial aid offered for 2014-2015.
Mercyhurst Prep Lakers who depend on these valuable scholarships are blessed that the Commonwealth of Pennsylvania offers these tax credit programs. MPS is very grateful to these participating businesses:
|Baldwin Brothers, Inc.||Marquette Savings Bank|
|Bensur Creative Marketing Group||McManis & Monsalve Associates|
|C.A. Curtze Co.||Northwest Savings Bank|
|Composiflex||PNC Financial Services Group|
|Felix & Gloekler, PC||Porreco Nissan, Inc.|
|Glenwood Beer Distributor, Inc.||Printing Concepts, Inc.|
|HRI Supply and Design, Inc.||Reddog Industries|
|Keystone Health Plan||Sixsome LLC|
|MacDonald Illig Jones & Britton LLP||UPMC Health Plan|
|Maplevale Farms, Inc.||Waste Management|