Educational Improvement Tax Credit Program (EITC)
Carnegie Library of Pittsburgh (CLP) is proud to be recognized as an Educational Improvement Organization through the Commonwealth of Pennsylvania's Educational Improvement Tax Credit (EITC) Program. CLP provides outstanding youth literacy programs eligible for support through EITC, including:
- BLAST-Bringing Libraries and Schools Together
- Summer Reading Program
- Extended Year Summer Reading Program
In 2012, EITC funded programs at CLP served more than 32,000 children and teens in Pittsburgh. Our BLAST program makes regular visits to a number of Pittsburgh Public Schools, helping students expand their vocabularies and teaching critical reading comprehension skills. The Summer Reading Program helps children and teens discover the joy of reading by encouraging them to choose their own books, set their own goals and determine their own measures of success. Your support affords the Library the ability to offer fun, life-changing literacy programs to school-age youth at a time when they are needed most
The EITC Program was created to give businesses and corporations an incentive to support organizations like CLP. Eligible businesses include those paying any of the following:
- 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
- Tax under the Insurance Company Law of 1921
- Personal Income Tax of S Corporations or Partnership partnersMutual Thrift Institution Tax
While the impact of your support for young readers is immeasurable, a one-year commitment to CLP earns your business a tax credit equal to 75% of your contribution to the Library. A two-year commitment of the same amount of contribution can earn you a credit of 90% for two consecutive tax years. In total, you can earn a maximum of $750,000 a year in tax credits per taxable year.
To earn tax credit approval, a business must complete and submit an application with the state's Department of Community and Economic Development (DCED). Applications for businesses applying for a second year of a two-year commitment or who have fulfilled their two year commitment and wish to renew will be accepted between May 15 and June 28, 2013. New applications for program fiscal year 2013-14 will be accepted by DCED beginning July, 1, 2013. As stated on DCED's Web site, "Tax credit applications will be processed on a first-come-first-serve basis by day submitted...until the amount of available tax credits is exhausted."
Application forms are available for download at www.newpa.com, search "EITC". Additional information about Carnegie Library of Pittsburgh's youth literacy programs is available at http://www.carnegielibrary.org.