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Individuals
The Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs are administered by the Pennsylvania Department of Economic and Community Development.
Eligible taxpayers can earn tax credits by donating to Falk’s scholarship program. Falk uses EITC and OSTC funds to provide tuition assistance in the form of scholarships to financially deserving students, which in turn helps Falk achieve its mission of being an inclusive, equitable, and diverse learning environment.
1. Determine Eligibility
Individuals can apply for the EITC and OTSC programs if the following criteria are met:
- Be employed by or own a for-profit company; file taxes jointly with a spouse who is employed by or owns a for-profit company; or own publicly traded stock in a business that operates in Pennsylvania
- Earn a minimum of $115,000 in state taxable income, either individually (if filling individually) or with your spouse (if filing jointly)
- Contribute a minimum amount of $3,500
2. Complete a Joinder Agreement
Complete the one-page Joinder Agreement indicating the amount of your capital contribution and designating Falk Laboratory School as the recipient.
3. Make a Contribution
When the DCED approves your agreement, Falk will send you a copy of the award letter and request a capital contribution for the current tax year. All contributions must be made within 60 days of the approval.
4. Receive Tax Credits
The Central PA Scholarship Fund handles all paperwork on your behalf. In February of the following tax year, you will receive:
- PA Department of Revenue Form 1123: Verifies that tax credits have been transferred to your Tax ID or SSN; used for 90% tax credit on PA State Income Tax Return
- Schedule K-1: Indicates your share in Falk; used for 10% charitable donation deduction on Federal Income Tax Return
Falk will receive 100% of your contributions for tuition assistance in the next school year.
A wonderful way to provide funding for a scholarship so that others can take advantage of something that we feel so fortunate to have found for our own children
—Adam Falcone, Falk parent & EITC contributor