To Provide JA Programs To Kids
Does Your Corporation Pay Corporate Income Taxes to the State of Pennsylvania ?
Does Your Corporation or Limited Liability Company pay a Corporate Stock Tax to the State of Pennsylvania?
If you answered yes to either of these questions your company may qualify for a direct credit from these taxes if you contribute to Junior Achievement of Greater Reading and Lehigh Valley (a.k.a. Junior Achievement of Berks County, Inc.). This program was established in Pennsylvania through the Educational Improvement Tax Credit as part of Pennsylvania’s Public School Code.
When your company is approved by Pennsylvania (application is simple - www.newpa.com/programDetail.aspx?id=62), your company is eligible (assuming a two year financial commitment is made by your company) for the following:
· Corporate Net Income Tax – a 100% credit against your Pennsylvania corporate net income tax for each dollar donated to Junior Achievement of Greater Reading and Lehigh Valley . That’s correct, for every dollar you donate to JA that’s one dollar you take off your PA corporate income tax bill.
· Capital Stock Tax – a 90% credit against your PA capital stock tax for each dollar donated to Junior Achievement of Greater Reading and Lehigh Valley . That’s correct, for every dollar you donate to JA of Greater Reading and Lehigh Valley that’s ninety cents you take off your PA corporate capital stock tax bill.
This credit also applies to PA’s Bank & Trust Company Shares Tax, Insurance Premiums Tax, Title Insurance Company Shares Tax and Mutual Thrift Institutions Tax.
Junior Achievement is approved to receive Educational Tax Credit contributions by the PA Department of Community Economic Development.
When you make a contribution to JA your tax dollars stay in the Berks, Lehigh and Northampton communities.
For further information, please contact James W. Pruzinsky, CPA at Reinsel Kuntz Lesher LLP, 610-376-1595.
