Educational Improvement Tax Credit

The Educational Improvement Tax Credit (EITC) and Pre-Kindergarten (Pre-K) Tax Credit are administered by the Department of Community and Economic Development. It authorizes the award of tax credits to businesses that make contributions to Scholarship Organizations and/or Educational Improvement Organizations and/or Pre-K Scholarship Organizations contained on a list published by the Department. $60 million tax credits are available this year.

Qualifications: Businesses* subject to the following 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 Institutions Tax
• Personal Income Tax of S Corporation Share holders, or partners in a general or limited partnership

*Businesses must be approved to make contributions.

Applications accepted beginning July 1, 2010
Program Guidelines