OLSH

Education Improvement Tax Credit (EITC) & Opportunity Scholarship Tax Credit (OSTC)

Companies Make a Difference Through EITC/OSTC

The Bridge Educational Foundation presents a check to OLSH students for tuition assistance. The gift is Tax Credit money that is earmarked for OLSH in the Scholastic Opportunity Scholarship Fund.

Your company can help to transform the lives of young men and women in our region through the EITC (Educational Improvement Tax Credit) and the OSTC (Opportunity Scholarship Tax Credit) programs. Making a contribution to the Our Lady of the Sacred Heart (OLSH) Scholarship Organization through EITC and OSTC allows you to receive Pennsylvania state tax credit equal to 75% of your contribution. A two-year commitment to the program increases your tax credit to 90% of your contribution for both years of participation. For 80 years, OLSH has provided students with a high quality college preparatory education. Your partnership with OLSH through EITC and OSTC assures that current and future OLSH students have equal access to that same quality experience for years to come.

Click here to view our handout with more details about the EITC/OSTC Program.

FAQs about EITC/OSTC

What are the Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC)?
This program provides tax credits to eligible businesses contributing to scholarship organizations and educational improvement organizations, in order to promote expanded educational opportunities for students in Pennsylvania.

In layman’s terms – you can direct YOUR tax dollars to support OLSH’s financial aid program.

What is the timeline for applying for this tax credit?
Renewing businesses (those that have participated before) can begin applying May 15 and have until June 28. New businesses are able to apply July 1.

Who can make EITC/OSTC gifts?
Companies in PA that pay any of the following taxes qualify to participate in the EITC/OSTC program:
* Corporate Net Income Tax
* Capital Stock Franchise Tax
* Bank and Trust Company Shares Tax
* Title Insurance Companies Shares Tax
* Insurance Premiums Tax
* Mutual Thrift Institution Tax
* Insurance Company Law of 1921
* Personal Income Tax of S corporation shareholders or Partnership partners

How much money has the state set aside for this program?
The State of PA has allocated $100 million in the state budget for the EITC program and $50 million for the OSTC program.

How do I apply?
Talk with your business' finance office, accountant, and/or tax professional to determine your eligibility and the dollar amount to be donated. All applications are completed online and can be accessed at http://dced.pa.gov/programs/educational-improvement-tax-credit-program-eitc. Contact Jenna Sheetz, Director of Advancement to review details related to your participation with OLSH at (412) 269-7726 or jsheetz@olsh.org.

What should I do if the EITC/OSTC funds become fully exhausted?
Contact Jenna Zyroll Sheetz for information on other PA tax credit opportunities.