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Are you tired of sending your money to Harrisburg; not knowing exactly what you are getting from the taxes you pay? Would you like to help your local arts organization and keep your money here in Somerset County? Then, the Education Improvement Tax Credit Program might just be right for you.
Laurel Arts is approved for the Education Improvement Organization program (EIO) and the Pre-Kindergarten Scholarship Organization program (PKSO) operated by the Pennsylvania Department of Community and Economic Development. Corporations, S Corporations, and partners in a general or limited partnership who pay the following taxes are eligible to participate: Corporate Net Income Tax, Capital Stock Franchise Tax, Bank and Trust Company Shares Tax, Title Insurance Companies Shares Tax, Insurance Premiums Tax, or Mutual Thrift Institutions Tax.
In the EIO program, businesses can receive either a 75% or 90% tax credit on contributions up to $300,000. In the PKSO program, businesses receive a 100% tax credit for the first $10,000 donated and a 90% tax credit for anything donated between $10,000 and the $150,000 limit. Applications for these programs must be submitted at the beginning of July each year in order to have a chance at being drawn during the lottery selection process.
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Laurel Arts has utilized the EIO program for the last three years. Contributions donated through the program help with Art Seeds, Summer Camps and Laurel Arts Dance. For the last two years, Laurel Arts has participated in the PKSO program. Contributions to PKSO allow us to award scholarships for students to attend Laurel Arts’ Studio Kids Preschool, as well as the preschool programs at Little Peoples Learning Center and Ready Steps Preschool.
These two funding programs have allowed Laurel Arts to enhance and develop its arts programming. With continued support from the business community, we will be able to further develop quality arts programming for Somerset County’s youth. If your business pays any of the state taxes noted above and would like to participate in the program, please give me a call at 443-2433. Your support will be truly appreciated.
~ Michael Knecht
Laurel Arts Executive Director
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