BUSINESS LEADERSHIP ORGANIZED FOR CATHOLIC SCHOOLS (BLOCS)
For more information please visit
http://www.blocs.org/
Important Key Points
A business is EITC eligible if they are authorized to do business in PA and are subject to the following taxes: Corporate Net Income Tax, Capital Stock Franchise Tax, Bank & Trust Company Shares Tax, Title Insurance Companies Shares Tax, Insurance Premiums Tax, or Mutual Thrift Institutions Tax.
If a business makes a one-year commitment it is eligible for a 75% credit against taxes owed; for a two-year commitment it is eligible for a 90% tax credit. Eligible companies may take up to $100,000 in tax credits per year, and must make their gift by June. They must complete a form, a copy of which is included in the enclosed.
BLOCS is the pass-through organization for the distribution of EITC monies to schools that are part of Philadelphia’s archdiocese, and also provides this service to private schools like Mercy Vocational High School. Typically, if a business makes a gift earmarked for a school like Mercy Vocational, the BLOCS office keeps 20% and awards 80% to eligible students at that institution.
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