Educational Improvement Tax Credit
CB Cares Educational Foundation has a win-win proposition for area businesses: Support the foundation, help provide funding for innovative programs in the Central Bucks schools, and receive a 75% to 90% credit on state taxes.
CB Cares is proud to be an approved Educational Improvement Organization (EIO) in the commonwealth’s Educational Improvement Tax Credit (EITC) program. Administered by the Pennsylvania Department of Community and Economic Development, the program awards tax credits to businesses that make contributions to approved scholarship organizations and/or educational improvement organizations.
Pennsylvania companies that commit to donating for one year receive a 75% tax credit and for two years receive a 90% tax credit. Eligible companies may take up to $400,000 in tax credits per year.
CORPORATIONS WHICH QUALIFY PAY ONE OR MORE OF THE FOLLOWING TAXES:
- Corporate net income tax
- Capital stock franchise tax
- Bank and trust company share tax
- Title insurance company share tax
- Insurance premiums tax
- Mutual thrift institutions tax
- Personal Income Tax of an S Corporation Shareholders of Partners in an LL/LLP
- Sub Chapter S corps, limited partnerships and other pass through organizations are eligible. (filing PA forms 20S or 65).
By donating to CB Cares EF through the EITC program, companies in the community support public education and ensure that Central Bucks sustains a top performing community in Pennsylvania.