Educational Improvement Tax Credit (EITC)
CARE for Children’s Rainbow Corner Preschool is an approved Pre-Kindergarten program through the Educational Improvement Tax Credit (EITC) program. In 2001 the EITC program overwhelmingly passed the legislature and was signed into law by former Governor Tom Ridge.
The Educational Improvement Tax Credit Program (EITC) awards tax credits to eligible businesses contributing to qualified organizations. Tax credits equal to 75 percent of its contribution up to a maximum of $750,000 per taxable year. The tax credit increases to 90 percent of the contribution, if the business agrees to provide the same amount for two consecutive tax years. For contributions to Pre-Kindergarten Scholarship Organizations, a business may receive a tax credit equal to 100 percent of the first $10,000 contributed and up to 90 percent of the remaining amount contributed up to a maximum credit of $200,000 annually.
Businesses who are interested in supporting CARE’s Early Learning Program and help working families afford a quality Pre-Kindergarten program: Visit the EITC page for more information.