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PL Red Dragon Foundation » Educational Improvement Tax Credit Program-Donations

Educational Improvement Tax Credit Program-Donations

Click here for more information about the EITC Program: https://dced.pa.gov/programs/educational-improvement-tax-credit-program-eitc/

 

How Can You or Your Business Get Involved?

 

The Red Dragon Foundation is an approved recipient of Education Improvement Tax Credit donations.  

 

Education Improvement Tax Credit Program- Tax Credit Opportunities for Businesses

 

A business may receive a tax credit equal to 75% of its contribution to the Red Dragon Foundation, up to a maximum of $75,000 per taxable year. The tax credit may be increased to 90% of the contribution made, if the business agrees to provide the same amount of contribution for two consecutive years.

 

Applications for tax credits for each fiscal year are typically submitted in early July. All applications for the Education Improvement Tax Credit Program must be completed and submitted online using DCED’s Single Application for Assistance. Tax credit applications will be processed on a first-come, first-served basis by day submitted.

 

An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter. Tax credits not used in the tax year the contribution was made may not be carried forward and are not refundable or transferable.


Business firms may apply the credit against the following:

 

Personal Income Tax

Capital Stock/Foreign Franchise Tax

Corporate Net Income Tax

Bank Shares Tax

Title Insurance & Trust Company Shares Tax

Insurance Premiums Tax (excluding surplus lines, unauthorized, domestic/foreign marine

Mutual Thrift Tax

Malt Beverage Tax

Retaliatory Feeds under Section 212 of the Insurance Company Law of 1921

 

Please note, the definition of a business firm includes pass-through entities and special purpose pass-through entities, but it does not include sole proprietorships or entities not subject to tax.

 

Red Dragon Foundation Approved Programs

  • STEAM Improvements
  • Adopt a Literacy Partner
  • Theater/Music/Arts Artist in Residence

 

Pennsylvania's Department of Community and Economic Development administers this program. For more information on EITC and how to participate, click here.

 

The Purchase Line Red Dragon Foundation would like to thank you on behalf of all our students and staff for considering a contribution made via this tax credit program.  Your generosity is a tremendous asset that allows us to forge ahead for the future by providing our students with opportunities that they may bot have had without your support.