|Posted:||February 24, 2016 03:22 PM|
|From:||Senator Guy Reschenthaler|
|To:||All Senate members|
|Subject:||EITC Program Protection Legislation|
|In the near future, I plan to introduce legislation to provide relief to the families, students, educational improvement organizations, and scholarship organizations across our Commonwealth that rely on the Educational Improvement Tax Credit and recently suffered significant financial hardships due to the late release of this fiscal year’s approval letters.
Students and these organizations have relied on this bipartisan program for critical funding for well over a decade. Without the EITC, many of these educational opportunities would go unfunded and thus be stripped away from students.
The unacceptable delay of the 2015 tax credit approval letters resulted in a significant decrease in the corporate donations on which these nonprofit organizations rely. One organization in my district reported that the amount they received was reduced by more than half this year due to the delay.
In order to rectify the situation, this legislation will make corporations eligible for an EITC donation if they had applied for the credit in the taxable year to which they want it to apply.
I hope you will join me in fighting to protect this bipartisan program that has a proven record of results and a tangible impact all across our Commonwealth.
Introduced as SB1161