Put Your Donation Dollars to Work with EITC
We’re EITC approved!
What is EITC?
EITC or Educational Improvement Tax Credit is a Pennsylvania tax credit for businesses that make a donation to an innovative educational program like Steeltown’s Youth & Media program.
The Youth & Media program is a at the core of the innovative practices that this tax credit intends to support. Our program provides training programs in partnership with schools and community organizations that teach the basics of filmmaking.
We combine that training with real world experience, so our students have what it takes to move up the ladder in Pittsburgh’s growing entertainment industry.
Do you or your business quality for an EITC?
Businesses, corporations, and individuals qualify if they pay any of the following taxes:
- Corporate Net Income Tax
- Capital Stock and Franchise Tax
- Bank and Trust Company Shares Tax
- Title Insurance Companies Shares Tax
- Insurance Premiums Tax
- Mutual Thrift Institutions Tax
- Shareholder and Partner personal income tax (S Corps and Partnerships with pass-through tax liability)
EITC for Businesses
How EITC Benefits Your Business
You contribute to Steeltown’s educational initiatives, and the Educational Improvement Tax Credits (EITC) lower your tax liability. Instead of sending your tax dollars to Harrisburg, you can support our mission and give more students the opportunity for success.
The EITC, provides companies with a 75% tax credit for donations to a non-profit educational improvement organization. The tax credit increases to 90% if the company commits to making the same donations for two consecutive years.
Once Approved, Make Steeltown Your Recipient
Once approved by the Department of Community and Economic Development (DCED), your business must contribute to a qualified organization such as the Steeltown within 60 days. You need to send proof of the contribution to DCED within 90 days of the approval. Steeltown will send an acknowledgment letter as proof of your contribution, and you are required to send a copy of this letter to DCED.
How EITC Works for You
After a one year commitment to donate $1,000 to Steeltown, your gift results in a $750 tax credit (75% of your donation).
If you make a 2 year commitment to donate $1,000 to Steeltown, your gift results in a $900 tax credit (90% of your donation).
How Do I Recieve My Credit?
- Within 60 days of receiving notification of approval from the DCED, the business makes a contribution to Steeltown.
- Steeltown provides an acknowledgement to the business.
- The business sends a copy of the Steeltown acknowledgement to the DCED within 90 days of the approval letter.
- The DCED notifies the Pennsylvania Department of Revenue to apply the appropriate amount of tax credits to the company’s business tax account.