About PA Taxes, EITC and OSTC
Through the Pennsylvania Educational Improvement Tax Credit (EITC) and the Pennsylvania Opportunity Scholarship Tax Credit (OSTC), businesses and individuals can lower their tax bills by donating to private schools, scholarship organizations, pre-K programs, and other educational enrichment initiatives. The bulk of the tax credits — $110 million per year — are reserved for donors that give to scholarship organizations, which provide financial aid to children attending K-12 private schools. The program also sets aside a small amount of tax credits for donors that give to pre-k scholarship funds.
At TMS, our EITC program plays an essential role in the school’s financial strategy as well as the fulfillment of our mission. We intentionally seek donors to participate in the EITC program to alleviate the burden of financial aid on our operating budget AND to give as many children access to a TMS education as possible.
Our CPSF Partners
With a passion to help more children in Pennsylvania receive a quality, private school education, Randy Tarpey, a Certified Public Accountant, established the Central Pennsylvania Scholarship Fund (CPSF) in 2011. (Click here to hear Randy's bio.) This vehicle for giving allows individuals not qualified to receive credits directly from Pennsylvania an opportunity to receive the same tax benefit. With the amendment to Article XVII-F of the Tax Reform Code through Act 194, effective October 31, 2014, the EITC/OSTC definition of “business firm” and “pass-through entity” was expanded to allow for the use of credits on joint and personal income tax returns.
Randy Tarpey, President, CPSF
Tami Clark, Executive Director
Do I Qualify?
- You must be an employee, owner, or shareholder of a business authorized to do business in Pennsylvania - OR - you are retired or a non-profit employee who owns stock (at least 1 share) in a business that operates in PA.
- You must commit to give the same amount for two years.
- Businesses or individuals must owe at least $3,500 in state taxes annually.
How Do I Get Started?
> Click here for the TMS Joinder Form.
Fill out the Joinder and return to:
The Montessori School, 1701 Jarrettown Rd, Dresher, PA 19025, Attn: Development Office
> Check out this EITC Quick Reference Guide.
> Download a one-page EITC Fact Sheet.
Contact us if you have further questions.