Pennsylvania EITC Applications Open May 15

The application process for Education Improvement Tax Credits (EITC) opens on May 15 for businesses in year two of their contribution commitment and for those that have recently completed a two-year commitment. The early application period runs until June 30 and provides ongoing EITC participants the opportunity to lock up tax credits before the process opens to all businesses on July 1.

The EITC program is very popular and many credit types sell out quickly, making it vital for eligible businesses to renew during the early application period. Entities waiting until July 1 to apply may not receive their first choice of credits or may be put on the waitlist.

Due to COVID-19, Pennsylvania has extended the contribution deadline, as previously reported here. The state is providing flexibility, allowing businesses to make contributions later in the cycle and removing tax credit reductions for those that don’t meet full contribution commitments.

For more information about the EITC program, contact a Schneider Downs state and local tax professional.

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The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2020 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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