EITC/OSTC and SPE
Businesses can apply for tax credits which redirect their PA state tax liability towards scholarships for Vocatio students through 2 programs: EITC and OSTC.
Educational Improvement Tax Credits (EITC)
Qualifying businesses can direct a portion of their state taxes to Vocatio through the Educational Improvement Tax Credit program. A commitment can be made for 1 or 2 years. For a 2 year commitment, the tax credit is 90%.
Opportunity Scholarship Tax Credits (OSTC)
The Opportunity Scholarship Tax Credit (OSTC) program functions the same way as EITC, except that OSTC scholarship are reserved for students who live within the attendance boundary of a low-performing school (performing at the bottom 15% of the state).
Special Purpose Entities (SPE)
Individuals with a state tax liability of $3,500 or more may now take advantage of the same tax benefit! Through our approved and tested Special Purpose Entity, individuals and couples may now donate in the amount of their state tax liability and receive a 90% state tax credit for that gift. Additionally, the entire amount of the gift may still also be deducted for federal taxes.
Jeremy Chen, Director of Development