Educational Improvement Tax Credit (EITC)
Riverview Educational Foundation is a state approved Educational Improvement Organization qualified to receive Educational Improvement Tax Credits (EITC). This means that businesses can take the state tax dollars they have to pay and instead invest them in local students and the educational focuses they need to be successful and make an impact on the world today and in the future.
Through the Pennsylvania EITC program, businesses can receive a 75% state tax credit for a one year commitment or a 90% state tax credit for a two year commitment. In addition, business owners can claim a charitable deduction for the difference between the tax credit and the gift. So for every $1000 you donate to Riverview Educational Foundation each year for two years, you receive a $900 tax credit per year, along with a typically 3.5 –5.5% Federal Tax Reduction or $35 to $55. A business can receive up to $300,000 in tax credits annually.
Is my business eligible?
If your business is authorized to operate in Pennsylvania and pays one of the following taxes, you can register to be eligible for the Pennsylvania EITC Program: Personal Income Tax; Capital Stock/Foreign Franchise Tax; Corporate Net Income Tax; Bank Shares Tax; Title Insurance & Trust Company Shares Tax; Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine); Mutual Thrift Tax; Malt Beverage Tax; Retaliatory Fees under section 212 of the Insurance Company Law of 1921.
Is applying time consuming?
The process is easy. 1. Consult with your tax advisor and determine eligibility. 2. Complete a simple one page form. 3. Submit the application to the PA Department of Community and Economic Development (DCED) on or after July 2. (It is important to do it on the exact date or funds may run out.)
How are the donations used?
REF uses contributions to provide grants to teachers and schools in the Riverview School District for innovative experiences, primarily in Science, Technology, Reading, Engineering, Arts, and Math (STREAM) that go beyond the normal curriculum. OR you can make it a directed donation and tell us what you’d like your donation to be used for.