Tax credits are available to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization through the Educational Improvement Tax Credit Program (EITC).
Most public libraries would qualify as an Educational Improvement Organization (EIO) with no deadline to apply if new to the program. Deadlines do apply to businesses.
These tax credits equal 75 percent of the business’ contribution to the EIO, up to a maximum of $750,000 per taxable year. If the business agrees to provide the same amount for two consecutive tax years, the credit can be increased to 90 percent of the contribution.
This may be a great incentive for those businesses donating to your organization.
Learn how you can apply as an Educational Improvement Organization and how businesses may sign up on this Department of Community and Economic Development (DCED) website.