Is your company eligible for substantial tax benefits by giving through the Pennsylvania Educational Improvement Tax Credit Program?

If your business pays Pennsylvania Corporate Net Income Tax, Capital Stock Franchise Tax, Bank and Trust company Shares Tax, Title Insurance Companies Shares Tax, Insurance Premiums Tax or Mutual Thrift Institutions Tax, you may be able to make a gift to Auberle that only costs 10% of its actual impact. Subchapter S Corporations are now eligible!

The Pennsylvania Educational Improvement Tax Credit (EITC) program allows businesses making contributions to approved educational improvement organizations, such as Auberle, and receive a 75% tax credit for a one-year commitment or 90% tax credit for a two-year commitment. The maximum dollar limit for the tax credit is $200,000 per year.

Auberle is an approved provider for several educational improvement programs. The Auberle Computer Graphics & Design program provides computer design and business skills training for teenagers to run a graphic arts and web site design company. The Auberle Culinary Arts program gives hands-on culinary arts training from professional chefs and a broad education in all aspects of the restaurant business.

EITC provides businesses the social reward of funding important educational initiatives with very little financial burden. As an example:

• A company makes a commitment to give $100,000 to Auberle over two years
• It pays $50,000 to Auberle each year of the commitment
• The company takes a tax credit of $45,000 each year on their appropriate state tax return
• They make a $100,000 gift that only costs them $10,000

Applications for the EITC fiscal year, July 1, 2009 to June 30, 2010, are accepted first-come-first-serve beginning July 1, 2009. Here’s what the business needs to do:

• Complete the application form, which can be obtained by clicking here. PLEASE NOTE THAT TIMELY APPLICATION IS IMPORTANT AS TAX CREDITS ARE EXHAUSTED QUICKLY.
• Prepare the simple application and submit as early as possible.
• Once approved for the credit, make the gift to Auberle within 60 days.
• Submit the proof, provided by Auberle, within 90 days of approval.

For more information, please call Suzanne Taleff at 412-673-5856, ext 1252 or suzannet@auberle.org.