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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.
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 currently an approved provider for two educational improvement
programs. One program called “Auberle Computer Graphics
& Design” provides extensive computer design and
business skills training for teenagers to run their own graphic
arts and website design company. In the “Auberle Culinary
Arts” program, teenagers receive hands-on culinary arts
training from professional chefs as well as a broad education
on 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, which runs July 1, 2007 to June
30, 2008, are being accepted on a first-come-first-serve basis
beginning July 2, 2007. 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 FREQUENTLY 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 Lauri Fink at 412-673-5856,
ext. 1315, or email her at laurif@auberle.org.
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