Tax Credits
EITC
Earned Income Tax Credit
Each year, more than 20 businesses participate in the EITC program, providing over $400,000 in financial scholarships for qualifying families.
In 2001, the Pennsylvania Department of Revenue enacted the nation’s first educational tax credit aimed at corporations. House Bill 966 authorized awarding tax credits to businesses that contribute to a non-profit Scholarship Organization, an Educational Improvement Organization and/or a Pre-Kindergarten Scholarship Organization. For businesses, this significantly reduces their state tax liability.
Dock Mennonite Academy receives support from the EITC program through the Pennsylvania Mennonite Schools Organization (PAMSO) via the Mennonite Foundation. This support provides tuition assistance for students and families who demonstrate financial need.
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SPE
Special Purpose Entity
Do you have an annual Pennsylvania income tax liability of $2,000 or more and would like to redirect your PA personal income taxes for financial aid to benefit qualifying children and young people at Dock Mennonite Academy?
Consider the Special Purpose Entity (SPE) option under the Educational Improvement Tax Credit (EITC) program. You can participate in this option with just a few simple steps—in fact, you can apply right now and be approved! A simple one-page application is all that is needed.
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Simple, straightforward, successful
“After thoroughly vetting the option of participating in the Educational Improvement Tax Credit (EITC) program through Special Purpose Entity, I am delighted to report the process was simple, straightforward, and successful. Qualifying students at Dock Mennonite Academy benefit directly from tuition assistance because of these funds. The State of Pennsylvania created a vehicle to benefit children and young people, and I recommend it!"