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On Tuesday, July 8, 2008, Governor
Edward G. Rendell signed the education portion of the 2008-09 state
budget as passed by the Pennsylvania General Assembly. The
following amendments were made tot he Educational Improvement Tax Credit
(EITC) program:
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Subchapter S corporations and
other business entities that pay their State business taxes
under he personal income tax on PA business income can now
fully participate in the Program
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The business tax cap is
$300,000 for businesses contributing to scholarship
organizations and educational improvement organizations. (In
previous years, businesses contribution to the EITC
have not been able to contribute over $200,000)
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The business tax cap is
$150,000 for businesses contributing to Pre-K scholarship
organizations. (In previous years, businesses contributing
to the EITC have not been able to contribute over $100,000)
It's not too late for
businesses to apply for tax credits! |