Pennsylvania Tax Credit Programs
Turn your tax dollars into scholarships for GS students!
Fund transformative scholarships for George School students through Pennsylvania tax credit programs
The Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs allow companies who operate and pay taxes in Pennsylvania to redirect a portion of their tax liability to George School as a philanthropic gift for financial aid.
Eligible businesses must be authorized to operate in Pennsylvania and are subject to Pennsylvania state taxes such as: Personal Income Tax, Corporate Net Income Tax, Corporate Stock/Foreign Trade Franchise Tax, and several others.
Benefits to Your Company
By making a gift directly to George School’s financial aid program, businesses can receive a substantial tax credit of either 75 percent or 90 percent in Pennsylvania taxes, and can donate up to $750,000.
Benefits to George School
In the last three years, Pennsylvania businesses committed to education have gifted nearly $400,000 to George School through these tax credit programs. These donations create more opportunities to provide deserving students access to a transformative educational experience by directly supporting the school’s financial aid program.
- Visit www.georgeschool.org/eitc or www.georgeschool.org/ostc to apply.
- To learn more about the step-by-step electronic application process, please read this walkthrough from the Pennsylvania Department of Community & Economic Development (DCED).
- New business participants should submit their applications by July 1.
Business who have fulfilled their two-year commitment can reapply for a new two-year commitment.
Businesses in the middle of their two-year commitment can renew for a second year.
All other businesses including initial applicants can submit their applications.
Leadership Gifts Officer
Frequently Asked Questions
What is the difference between EITC and OSTC?
Both programs provide tuition assistance support to qualified students from low-income households and the tax benefit is identical. The OSTC program is slightly more restrictive, as the dollars can only support students whose neighborhood public school is low-achieving.
What businesses and taxes are eligible?
Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes:
- 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
How do I apply?
Applications from businesses who are already in the program will be accepted online beginning May 15.
Applications from businesses new to the program will be accepted beginning July 1. Please note that applications are accepted on a “first come, first serve” basis and are used up almost immediately, so it is important for new businesses to submit by July 1.
Contact Chris Jackiewicz at firstname.lastname@example.org or 215.579.6572 if you have any questions about the EITC or OSTC programs.
What happens after I submit my application?
The Department of Community and Economic Development (DCED) will send an approval letter to businesses that have been awarded tax credits. The timing of these letters varies from year to year. George School will be in contact with businesses who have let us know about their application when there are any updates from DCED.
If your company is approved, you must make a contribution to George School within 60 days of receipt of your approval letter from the DCED. Once George School receives your contribution, we will send you an acknowledgement letter, which you must send to DCED within 90 days of the date of your approval letter.
I don’t own a business. Am I eligible?
Thanks to a new partnership with The Friends Collaborative, some individuals may be eligible to receive tax credits while helping to support George School’s financial aid program. An increasing number in the George School community have been taking advantage of this new opportunity. The tax benefit for individuals is the same as for businesses, but the process to apply for the credits is slightly different. For more information, next steps, or to connect with a George School family who participates in PA State Tax Credit Programs through personal taxes, contact Chris Jackiewicz at 215.579.6572 or email@example.com.
“George School is more than an educational facility, it is a formative environment that allows students to discover their very best traits and build a life upon these. Supporting this effort is very important to me.” – Trustee Peter Vari p ’96, ’08
Jason Yager p ’23 is a current George School parent and EITC donor. An EITC advocate, Jason was the very first George School donor to participate in this tax credit program through the Friends Collaborative. His annual gifts through the Friends Collaborative help to support financial aid at George School.
Why do you participate in Pennsylvania’s educational tax credit programs (EITC/OSTC)?
I think these programs provide an excellent opportunity to contribute to George School in a significant way that does not in turn place a significant burden on the donor. The programs allow me to shift my tax obligation, directing the funds to the Quaker community instead and thus, George School. By doing this, I know the money will be used to provide benefits to students in need.
How do you feel about the student scholarships your contributions support at George School?
I am excited that I can make such a meaningful difference in the lives of students simply by participating in the program. When you consider that many of us have significant state and local tax burdens, you realize the opportunity that exists. For me, I am proud to be the first to participate through the Friends Collaborative on behalf of George School and am the program’s biggest advocate.
Would you recommend this program to other GS donors? If so, why?
I strongly recommend that every donor look at the program, seek to understand it, and consider participating. The biggest advantage of the program is that you, as a donor, are simply shifting your tax liability to a donation for George School. While there are nuances to the program related to timing and receiving your tax credit to offset the contribution, you will quickly realize the extremely significant donation you can make (and in turn, the lives you will change). The program is truly a win-win for everyone involved.
Share your experience participating in EITC through the Friends Collaborative. What is the value of the Collaborative?
The Friends Collaborative does a great job in helping donors understand the program and walking them through the finer points of how it all works. They provide timely year-end tax reporting, so you don’t have to wait around to file your taxes and receive your credit. They really do provide a valuable service in ensuring the tax credits can be obtained, and in servicing the program on behalf of the donors who choose to participate.
Fred Beans Family of Dealerships
Fred Beans ’57 gp ’15, ’16, ’18 has been a consistent supporter of education and other organizations for many years. In 2018, a gift of $100,000 was presented to George School by The Fred Beans Family of Dealerships to support academic scholarships through the OSTC program.
Fred said they have been a consistent supporter of education and other organizations for many years. “That’s why the Fred Beans Charitable Fund was created,” Fred said. “It provides support to initiatives and organizations of all sizes in the hopes of lending a helping hand to those who need it.”
“Since 2017, Customers Bank has given over $50,000 to George School through the Pennsylvania tax credit programs. Customers Bank’s generosity provides vital support for financial aid programs that allow us to offer a George School education to qualified Pennsylvania students.
Customers Bank is committed to corporate social responsibility. We take very seriously our role within the communities in which we provide banking services. Our primary philanthropic focus has been youth and education. We believe this is the best way to invest in our communities, our Commonwealth, and our nation. And, we know that doing so makes good business sense. We can “do well by doing good.”
Pennsylvania’s EITC/OSTC programs align entirely with these values and goals. Our contributions to eligible educational institutions make it possible for intelligent and hardworking students who live in a low-achieving public school system to attend superior schools such as George School. The EITC/OSTC program requirements help us by essentially pre-screening the institutions seeking our support.
For over 100 years, George School has provided a high-quality, values-based education to its students. The small class size, low student-teacher ratio, diverse student body, and rich blend of academics, arts, and athletics create an ideal learning environment. We have been impressed that George School spends nearly a quarter of its operating budget on need-based financial aid, and nearly 50 percent of students receive some sort of tuition aid.
We are proud to be supporters of this Bucks County institution.”
Mark and Janice Waldman
One of the reasons Mark and Janice Waldman p ’07, ’14 are passionate about the EITC program is that the money is put to great use providing scholarships for George School students.
Why did you choose to take part in EITC?
We were excited to learn about the EITC program because we saw it as a way to contribute to the school in a much bigger way than we would otherwise be able to afford. Because of our situation as stock owners in a small- to medium-sized family business incorporated in Pennsylvania, we could take money that we would otherwise pay in state taxes and earmark it for George School instead. It still costs us out-of-pocket dollars to make this contribution, but that contribution is multiplied times ten before the school receives it. It’s like charitable giving on steroids!
How do you feel about the financial aid your contributions support?
One of the reasons we are passionate about the EITC program is that the money is put to great use providing scholarships for George School students. We recently received a beautiful letter from the recipient of a scholarship through the EITC, who wrote, “I want to thank you for your peace of mind and care. Without your help there is no way that I would be able to attend this marvelous school. It’s people like you who keep this world full of doctors, and writers, and dancers. People who are less fortunate still deserve the chance to make their dreams come true.”
PV Technologies, LLC
Trustee Peter Vari p ’96, ’08 has made a huge impact at George School through these programs. His charitable giving is multiplied through EITC/OSTC and allows him to give other students the educational opportunities his children had at George School.
“George School has been part of my family since 1993 when my older son enrolled there shortly after we moved to this area. He received a superb education and the school made a huge impact on him. His younger brother followed in his footsteps. George School is more than an educational facility, it is a formative environment that allows students to discover their very best traits and build a life upon them. Supporting this effort is very important to me. The EITC/OSTC program gave me an opportunity to leverage my donation dollars to the school. The program, which is available to for-profit organizations, gives a tax credit for donations to certain entities (George School is one of these), and as such it allowed me to increase the amount of my support.
Today, George School provides many more services to students than ever before. Since 1993, I have seen the construction of new facilities, the expansion of health care services, the hugely successful introduction of robotics education, and many more exciting new ways students are served. I understand that all these services come at an increasing cost. Supporting these efforts to make sure that George School has the means to provide the very best for the students during their most formative years is very important to me.”
Thank you to the following businesses and individuals. We appreciate your support!
- 110 Commerce Way, Inc.
- A & H Sportswear Company
- Amish Country Gazebos
- BHC Holdings
- Customers Bank
- Fred Beans Ford Lincoln Mitsubishi
- Grant Thornton, LLP
- GTPHL, LLC
- IMC Construction
- Mainstream Swimsuits, Inc.
- Math-U-See Demme Learning
- Mid Penn Bank
- Philip Rosenau Co., Inc.
- PV Technologies, LLC
- SWIM USA
- UGI Energy Services, LLC
- UGI Storage Company
- UHS of Pennsylvania, Inc.
- Whirley Industries, Inc.