The Philadelphia Shakespeare Theatre is now an eligible Educational Improvement Organization (EIO), which means that Pennsylvania businesses that donate to the company can receive a tax credit through the state's Educational Improvement Tax Credit Program (EITC).
The EITC program enables Pennsylvania businesses to directly invest in the education of youth in public schools through innovative educational practices by providing companies with a 75 percent tax credit for donations to EIOs. The tax credit increases to 90 percent if the company commits to making the same donation for two consecutive years.
For example, a $10,000 donation in year one decreases the business's total tax bill by $7,500; a $10,000 donation in year two, decreases the total tax bill by $9,000. While deductions reduce the amount of taxable income, tax credits reduce the actual tax bill, dollar-for-dollar.
At the Philadelphia Shakespeare Theatre, EITC funds directly support the Open Door Project, which offers students from the Philadelphia School District and the Delaware Valley an introduction to the works of William Shakespeare through the company's educational programming. Last year alone, more than 2,000 public school students were able to experience Shakespeare performances and in-classroom residencies at little to no cost because of EITC contributions. This year, the company is hoping to see that number jump to 4,000 public school students.
For more information on the Pennsylvania EITC program, click here. Businesses that would like to learn more about supporting the Philadelphia Shakespeare Theatre can contact the company's development manager, Joan Lawson by e-mail at email@example.com.
October 28, 2016