SCRANTON — Marywood University is an approved recipient of the Educational Improvement Tax Credit Program (EITC). Companies can transform the lives of future college students through the EITC program by making a contribution to Marywood’s Momentum program, an approved EITC program that gives high school juniors and seniors the opportunity to earn college credits by enrolling in college level courses at a significantly reduced cost.
Tax credits may be applied against the tax liability of a business for the tax year in which the contribution is made. These are available on a first-come, first-served basis for contributions to EITC approved organizations like Marywood University. Companies in Pennsylvania that pay any of the following taxes qualify to participate: Corporate Net Income Tax, Capital Stock Franchises Tax, Bank and Trust Company Shares Tax, Title Insurance Companies Shares Tax, Insurance Premiums Tax, and Mutual Thrift Insurance Premium Tax.
The EITC Program enables companies to support nonprofit schools at minimal cost. Rather than sending tax dollars back to the state, companies can reallocate them to support Marywood University’s Momentum Program. Participating businesses can receive a tax credit equal to 75 percent of a contribution, up to $750,000 per year. The credit increases to 90 percent if the business agrees to provide the same amount for two consecutive years.
For more information or assistance with the application, contact Patricia Rosetti, leadership annual giving officer at Marywood University, at rosetti@marywood.edu or 570-961-4596.
