Russell Byers Charter School: EITC Information For Accountants:

S U P P O R T O U R S C H O O L :
EITC Information For Accountants:

There is $44.7 million allocated annually for scholarships and $22.3 million for innovative educational programs.
A business must complete and submit an EITC application ANNUALLY with DCED, which will then determine whether the firm qualifies for the credit.
Applications are processed by DCED on a first-come, first-served basis by day submitted.
Tax credits cannot exceed the tax liability of a business for a given tax year.
Tax credits cannot exceed $300,000 annually per business. **NEW FOR 2008!!!
A tax credit must be applied in the taxable year the contribution is made.
Unused portions of tax credits may not be carried forward or backward.
All applications received on a specific day will be processed by DCED on a random basis before moving on to the next day's application.
A confirmation letter will be sent by DCED to confirm the business's approval status.
Applications for the second year of a two-year commitment will be accepted beginning May 15 of the applicable year, and if received by DCED on or before July 1, will be processed prior to any other applications for tax credits received.
Applications for the second year of a two-year commitment received after July 1, will be processed on a first-come, first served basis by day submitted, along with all other business applications received for that fiscal year.
DCED will acknowledge the credit following confirmation of the qualified contribution and will simultaneously provide the PA Department of Revenue with a copy of your confirmation letter.
The PA Department of Revenue will immediately post the credit to the taxable year in which the contribution was made and will consider tax credits awarded under this program to be effective on the first day of the taxable year. Therefore, the credit will generally be on record well before the filing of the applicable tax report.
To verify the postings of approved tax credits, call the PA Department of Revenue, Bureau of Corporations Taxes, Accounting Division to review the status of the business's tax account. The telephone number is 717.705.6225.

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Russell Byers Charter School
1911 Arch Street | Philadelphia, PA 19103
215.972.1700 | 215.972.1701 fax |