February
25, 2008
Contact: Holly Mantle, LevLane Public Relations, (215) 825-9633,
hmantle@levlane.com
$8.5
MILLION IN SCHOLARSHIP TAX CREDITS STILL AVAILABLE
EITC funds can be channeled through Delaware Valley scholarship
organization, BLOCS and CSFP
Philadelphia,
Pa., February 25, 2008 – Pennsylvania businesses have a limited amount of time
to participate in the Educational Improvement Tax Credit (EITC)
program and receive tax credits by contributing to K-12 Scholarship
Organizations and Pre-Kindergarten (Pre-K) Scholarship Organizations.
Donations can be directed to various Delaware Valley scholarship
organizations, such as BLOCS (Business Leadership Organized for
Catholic Schools) and the CSFP (Children's Scholarship Fund Philadelphia).
Enacted in
2001, the Pennsylvania EITC program has become the national model
for business educational tax credit programs. It provides a tax
credit of up to 90 percent for companies that donate to non-profit
scholarship and educational improvement organizations. The EITC
program has been allocated $75 million in scholarship funds for
fiscal year 2007-2008 by the Pennsylvania legislature.
Scholarship
money can funneled through BLOCS and CSFP and distributed to low-income
students in the region. Scholarships provide the next generation
of Philadelphia leaders with the tools to break the cycle of poverty-
an excellent education, a sense of strong values and a belief
that they can be successful in life.
“BLOCS
wholeheartedly supports the EITC program,” said BLOCS Chairman
Michael O’Neill. “We strongly encourage Philadelphia
businesses to get involved in the education of the region’s
youth and donate to scholarship funds. They have the ability to
make a real impact on the lives of children, and receive tax credits
in the process.”
Currently,
there are $8.5 million in total tax credits available to businesses
that want to contribute to K-12 Scholarship Organizations and
Pre-K Scholarship Organizations. It’s not too late for local
businesses to join the effort and take part in the EITC program
for 2007-2008.
To learn how
businesses can create educational opportunities for local students,
please contact BLOCS Associate Director Christina DiMichele at
215-587-0590 or visit www.blocs.org.
About
BLOCS
BLOCS (Business Leadership Organized for Catholic Schools) is
a dynamic group of area business leaders who care deeply about
the state of education in our region. BLOCS believes that access
to a high-quality education for children—especially those
most in need—is crucial to the continued growth and success
of our region. BLOCS’ main focus is providing tuition scholarships
to low income children. These scholarships provide the next generation
of leaders with the tools to break the cycle of poverty—an
excellent education, a sense of strong values and a belief that
they can be successful in life.
About
CSFP
The Children's Scholarship Fund Philadelphia (CSFP) is a privately funded program,
established in 1998, whose mission is to broaden educational opportunities for
students from low-income families in the Philadelphia area by providing them with
tuition assistance. It is the largest provider of scholarship support in
grades K-8 in Pennsylvania. There are more than 200 private and parochial
schools that participate in CSFP's program. The average tuition for these schools
is $2,400 per year. The scholarships are need based and awarded by lottery.
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