On May 7, 2001, Pennsylvania became the first state to pass an education tax credit aimed at corporations. HBB 996, the Educational Improvement Tax Credit (EITC), provides companies with a 75% tax credit for donations to a non-profit scholarship or educational improvement organization (St. Genevieve is an approved scholarship organization). The tax credit increases to 90% if the company commits to making the same donation for two consecutive years. A business paying taxes in Pennsylvania can receive up to $200,000 in tax credits annually and select St. Genevieve School as the recipient of these contributions.

The EITC has accomplished what many in Pennsylvania have been advocating for many years: getting the business community more involved in education. The EITC enables companies to support schools, such as St. Genevieve, at a minimal cost, instead of sending their tax dollars to Harrisburg.

Here is how it works:

• Assume an individual with ties to St. Genevieve owns or is employed by a business in Pennsylvania and would like to make a contribution to St. Genevieve. Further assume the business has a Pennsylvania income tax liability.
• The business submits an application and agrees to make a contribution to St. Genevieve (one or two years).
• The business will be approved for a tax credit equal to 75% of its agreed contribution. If the business agrees to make a contribution for two years, the tax credit is equal to 90% of its agreed contribution.

This is a wonderful opportunity for current and former parishioners to support St. Genevieve through effectively substituting contributions to the school for state tax payments. There are tremendous benefits for the individual/company and St. Genevieve.

If you would like to find out more about this program or are interested in participating, please contact Sister Theresa at the school (215-836-5644) or Tom Cotton of the Finance Committee. Tom Cotton can be reached at 215-836-4268 or email at tomcotton@comcast.net.