Scout | dced/59: Opportunity Scholarship Tax Credit (OSTC)

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Opportunity Scholarship Tax Credit (OSTC)

The Opportunity Scholarship Tax Credit (OSTC) is a Pennsylvania program that offers businesses tax credits for donating to Opportunity Scholarship Organizations. These donations fund tuition assistance scholarships for eligible students who live in designated low-achieving public school districts, enabling them to attend another public school outside their district or a nonpublic school. Busin…

Source

Agency: Pennsylvania Community & Economic Development

Dates

Application Opens: January 2, 2024

Application Deadline: December 31, 2035

Eligibility

Individual

Education

Pennsylvania

Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made. The tax credits awarded to businesses will be equal to 75 percent of their contribution amount, which can be increased to 90 percent upon the business committing for two years. The total may not exceed $750,000 per taxable year. Eligible for Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes: Personal Income Tax Capital Stock/Foreign Franchise Tax Corporate Net Income Tax Bank Shares Tax Title Insurance & Trust Company Shares Tax Insurance Premium Tax (excluding unauthorized, domestic/foreign marine) Mutual Thrift Tax Malt Beverage Tax Surplus Lines Tax

Keywords

school choice

tuition assistance

student scholarships

low-achieving schools

education equity

private school participation

k-12 education

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