27 Apr Business Tax Dollars Turned to Hope
This year, several companies will direct state tax payments to Hope Partnership for Education rather than to the Commonwealth of Pennsylvania. They take advantage of the Pennsylvania Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs.
As she does each year, Sister Rose Martin, Executive Director and co-Founder of Hope, thanks each company for their EITC and OSTC support and breathes a sigh of relief that more students have been able to receive tuition scholarship support this school year than the previous year. A total of 47 students at Hope were covered this academic year under the program. This was a 71% increase from the previous year. Also, since Hope is a Scholarship Organization, the school provides partial tuition scholarships for its middle school graduates that matriculate to parochial or private high schools in the Philadelphia area. This helps their parents to meet the high cost of tuition.
Steve Glinski, CFO for Omni Cable, a big supporter of Hope Partnership under the EITC and OSTC programs, recommends that companies take a serious look at this tax credit program. “If your company pays Pennsylvania taxes and has a strong commitment to support education,” said Glinski. “EITC and OSTC can help your firm have a big impact on the lives of children at a very low cost.”
EITC supports schools that serve low-income students across the state. OSTC helps students who reside within the boundaries of low-achieving public schools to receive tuition scholarship funds to attend higher performing private schools. Businesses that commit to the state of Pennsylvania to donate to these programs yields a tax credit worth 90% of their tax liability and 75% for a one-year commitment. If you would like more information, click here to read our brochure.