PPL has generously donated $10,000 to through a program that rewards organizations for supporting select local nonprofits.
This is the first year KidsPeace is participating in the Education Improvement Tax Credit (EITC) program, and PPL is the first company to make this special one-year commitment to our charity.
“PPL is proud to be a partner with an organization that has such a long-standing tradition of excellence in the community,” said Melinda Stumpf, Regional Community Relations Director at PPL. “Making a difference in the community is at the core of what we do at PPL and this is just a small example of our dedication.”
A business that makes a contribution to KidsPeace through the EITC receives a tax credit equal to 75 percent of its contribution up to a maximum of $300,000 per taxable year. The credit can be increased to 90 percent of the contribution if the business agrees to provide the same amount for two consecutive tax years.
Companies eligible for the tax credit are those who do business in Pennsylvania who are subject to one or more of the following taxes: 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; or Personal Income Tax of S Corporation Shareholders or Partnership Partners.
To apply for fiscal year 2012-2013, any interested business should send a one-page application for the tax credit to the Pennsylvania DCED Center for Business Financing, Tax Credit Division, Fourth Floor, Commonwealth Keystone Building, 400 North St., Harrisburg, PA 17120. Applications are approved on a first-come-first-served basis.
After the DCED reviews the application and confirms there is money available in the program, tax credits will be awarded. Once an approval letter is received, the business must make the contribution within 60 days. Upon receipt of the contribution, KidsPeace will provide substantiation of the donation, and the business simply files this with the DCED to complete the process. The business is then able to claim the tax credit on its subsequent state tax filing. Specific procedures for business owners electing to pass through the EITC to individual tax returns are found in the application packets.
For more information on how your business can participate, visit the donation section of our website or contact Patrick Slattery, KidsPeace Director of Development, at 610-799-8326 or email@example.com. You may also contact the PA DCED at 717-787-7120, RA-EITC@pa.gov or online at www.newpa.org.