Local businesses are now able to select the Pittsburgh Penguins Foundation as a recipient of their philanthropic efforts and also reduce their state tax liability through the Pennsylvania Educational Improvement Tax Credit (EITC) Program.
The EITC Program allows for businesses to reduce their state tax while supporting a nonprofit educational improvement organization through their donation. The Pittsburgh Penguins Foundation was approved as an Educational Improvement Organization on May 1, 2013.
This fall, the Pittsburgh Penguins Foundation will launch a new innovative afterschool program featuring the latest e-reader tablet technology. The program was created to enhance a child’s academic achievement while continuing to support their social development through the most critical years of an adolescent’s growth. In addition, the program will encompass the needs of children with autism.
Approved businesses that donate to the Pittsburgh Penguins Foundation can receive a maximum of $750,000 in tax savings per tax year by earning credits that will be applied as a deduction to their Pennsylvania State taxes for the 2013-14 fiscal year. A business can select from a one-year or two-year tax credit plan. A one-year tax credit equals 75% of the contributed amount or a two-year tax credit equals 90% of the donated amount, if the business agrees to donate the same amount for two consecutive years.
New businesses to the EITC program must apply for the tax credit online on July 1 at newpa.com/eitc to be eligible. Tax credit applications will be approved on a first-come first-served basis. Applications will be approved until the amount of tax credits are exhausted, typically by end-of-business on July 1.
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