Because this is not a typical year for the PA Educational Improvement Tax Credit Program, I am asking you to do something I would not normally ask of you in a typical educational tax credit program year.
Since your business entity made an EITC or OSTC tax credit contribution to us in 2014, I am making an assumption that you renewed your participation in the program this year. If you did renew, I am asking you to make your educational tax credit contribution on or before December 31 even though the PA Department of Community & Economic Development has not yet issued your tax credit approval letter.
Dating your contribution check on or before December 31 will allow you to claim the contribution as a charitable deduction on your 2015 federal income tax return. When you receive DCED’s tax credit approval letter, please provide us with a copy of the letter so we can prepare an accurate proof of contribution. (DCED will accept a contribution that pre-dates their approval letter.)
In the event you do not receive a tax credit approval letter from the PA DCED later this month or in early 2016, or if the tax credit amount approved is less than the amount you requested, BLOCS will issue a corresponding refund.
If you wish to pursue this option, please consult with your financial officer or accountant regarding my request. You may certainly prefer to wait until the DCED’s letter arrives before you make your contribution, but I thought I would bring this option to your attention.
Please feel free to contact me if you would like to discuss the situation in detail.