$9.6 million of EITC tax credits still available

From the REACH Foundation:

Tuesday, October 09, 2007

Not too late for PA Businesses to participate in Tax Credit Program

Harrisburg, PA- Every year, thousands of Pennsylvania businesses earn tax credits for making donations to local scholarship organizations to make sure our children get the education they need to succeed in life. This year’s Educational Improvement Tax Credit (EITC) program received a big show of support and praise from the State Legislature when they decided to increase the available tax credits by $16 million, bringing the total program to $75 million.

‘By increasing the tax credits for this program, the legislature has given more businesses the opportunity to be directly involved in their local community and, more importantly, they have given many more children the chance they need to get a great education and have a successful future,’ stated Andrew LeFevre, executive director of the REACH Foundation.

The REACH Foundation is the leading school choice organization in Pennsylvania and has worked with the EITC program since its inception. ‘We have seen first-hand the benefits of the EITC program,’ continued LeFevre. ‘I know that I speak for the tens of thousands of families whose children are benefiting from the program when I extend a heartfelt thanks to all who support and participate in the EITC.’

Enacted in 2001, the EITC program has become the National model for business educational tax credit programs. It provides a tax credit of up to 90 percent for companies that donate to non-profit scholarship and educational improvement organizations. During the 2006-07 school year, over 33,000 children received EITC scholarships. Since the programs inception in 2001, more than 2,300 Pennsylvania companies have participated in the EITC program donating over $260 million to participating organizations.

Within the first three months of this fiscal year, businesses have already gobbled up $65.4 million in tax credits! But it’s not too late for your business to join this effort and take part in the EITC program for 2007-08. Currently, there are $8.2 million in tax credits available to businesses that want to contribute to Scholarship Organizations and another $1.4 million available for donations to Pre-Kindergarten Scholarship Organizations.

To learn how your business can take part in this incredible program and create educational opportunities for the students of Pennsylvania, please visit www.paschoolchoice.org or call the REACH Foundation at 717.238.1878.

What is the REACH Foundation?

Founded in 1991, the REACH (Road to Educational Achievement through CHoice) Foundation is dedicated to ensuring parental choice in education in Pennsylvania. REACH continually promotes policies that enable statewide parental choice in education, including the well-established and highly successful EITC Program. For more information on the REACH Foundation, visit www.paschoolchoice.org.