Foundation receives program donation
WAYNESBURG – The Community Foundation of Greene County received a $3,000 contribution from First National Bank to be used to support the CFGC Educational Improvement Tax Credit Program K-12 Scholarship Fund, which provides scholarship assistance for Greene County children attending private or parochial schools.
“First National Bank. is pleased to provide this support that will help Greene County children attend a school of their choice,” said Sheila Elliott Stewart, assistant vice president and branch manager of the First National Bank branch in Waynesburg.
The EITC K-12 Scholarship program provides children and families with an opportunity to attend a private or parochial school of their choosing. Families may apply for a scholarship, which is paid directly to the K-12 school, to help offset tuition and fees for the child.
“It is wonderful that First National Bank has chosen to support the EITC K-12 scholarships in our community,” said Bette Stammerjohn, executive director of the Community Foundation of Greene County.
Through the state’s EITC Scholarship program, a business may receive a tax credit equal to 90 percent of up to $750,000 annually, if the business commits to a two-year gift, or 75 percent tax credit for a single year gift.
Businesses authorized to do business in Pennsylvania and who are subject to one or more of the following taxes may apply for tax credits through the Pennsylvania Department of Community and Economic Development: Corporate net income tax, capital stock franchise tax, bank and trust company shares tax, title insurance companies shares tax, insurance premiums tax, and/or mutual thrift institutions tax. Partnerships, limited partnerships and limited liability corporations became eligible for EITC in 2008.
Business Tax Credit Applications are available on the PA DCED website at http://www.newpa.com/find-and-apply-for-funding/funding-and-program-finder/educational-improvement-tax-credit-program-eitc.
To receive an EITC K-12 scholarship, a child must be school age and enrolled in an approved private or parochial K-12 school. Household income must not exceed $75,000 with an additional $15,000 allowed for each dependent child. For more information on how to apply for an EITC K-12 Scholarship, call the Community Foundation at 724-627-2010, or email at cfgcpa@gmail.com.