EITC / OSTC

//EITC / OSTC
EITC / OSTC 2019-10-14T21:47:51-05:00

Creating the Foundation

The Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC)programs present an opportunity for companies and qualifying individuals to redirect their PA state tax dollars to education and specifically to NFA in support of financial assistance.

Programs which allow qualifying businesses in Pennsylvania to redirect a portion of its state tax funds to educational foundations of its choice. Companies and individuals can redirect their Pa. tax dollars to NFA with the EITC/OSTC Tax Credit Program through Business Leadership Organized for Catholic Schools (BLOCS) or the Henkels Foundation.  NOTE: NFA does not appear on the EITC/OSTC recipient list, but does receive these funds when designated to NFA through BLOCS and the Henkels Foundation.

C-Corporations and pass-through entities, such as S-Corporations, partnerships, LLC’s, etc. are all eligible to participate if they pay one or more of the following state 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
  • Personal Income Tax of S corporation shareholders or Partnership Shareholders
  • Qualifying individuals can participate in a Limited Liability Special Entity group
  • Malt Beverage Tax
  • Retaliatory Fees under section 212 of the Insurance Company Law of 1921

hen approved, a business receives a 75% tax credit for a one-year commitment and a 90% tax credit for a two-year commitment. A business paying taxes in Pennsylvania can receive up to $300,000 in tax credits annually.  Our school receives the EITC/OSTC contributions designated to NFA through two scholarship organizations:  Business Leadership Organized for Catholic Schools (BLOCS) and the Henkels Foundation.  Please note: NFA is not a separate scholarship recipient organization; rather NFA works with these two groups to receive these funds.

In addition, the 25% (or 10% for two-year commitment) that is not included in the tax credit may be claimed as a charitable donation on your federal tax return.

Please contact the Office of Institutional Advancement at 215-247-3811, ext. 208, or development@norfon.org for more information. You can also email members of our EITC/OSTC committee: Eric Riethmiller ’89 or Rob Louka, ’89

  1. Submit the one-page application to BLOCS who will submit it on your behalf.
  2. Receive an approval letter from the Commonwealth.
  3. Your company then makes its donation to BLOCS within 60 days.
  4. BLOCS will send your company a confirmation receipt.
  5. Your company sends this receipt back to the Commonwealth as noted in the letter.
  6. The Commonwealth provides your company with a letter completing the process. The letter is attached to your tax return to claim your credit.
  • Both EITC and OSTC applications are filed via a single application at www.newpa.com
  • Upon approval, you have 60 days to make your gift to any of the following:
    • Henkels Foundation, with a designation to Norwood-Fontbonne Academy
    • Business Leadership Organized for Catholic Schools (BLOCS), with a designation to Norwood-Fontbonne Academy

100% of donations to BLOCS designated for NFA help with financial assistance.

Visit the BLOCS website for more information.

To contribute through the Henkels Foundation, you may contact JoAnne Tirpak at 215-283-7419.