PHILADELPHIA - Thanks to $100,000 in grants from Verizon Pennsylvania, 11 nonprofit organizations will offer educational opportunities to Pennsylvania communities.
The grants were made possible through Verizon's participation in the state's Educational Improvement Tax Credit (EITC) plan, which is administered by the Department of Community and Economic Development (DCED). Inaugurated in 2001 and amended in 2003 by Act 48, the tax credit plan authorizes $75 million in tax credits to businesses that make contributions to scholarship organizations, educational improvement organizations or pre-K scholarship organizations.
"This program benefits everyone," said William B. Petersen, president of Verizon Pennsylvania. "It's a win for the communities that will be the benefactors of the educational opportunities provided by the nonprofit organizations, and it's a win for corporations that not only get a tax break, but also gain another opportunity to invest in education, which will prepare children to meet the challenges of living and working in the 21st century."
Verizon awarded grants to the following nonprofit organizations from a state-approved list:
- The Corporation for Penn State - Behrend College, Erie - $25,000.
- YMCA of Philadelphia & Vicinity, Philadelphia - $25,000.
- Children's Museum of Pittsburgh, Pittsburgh - $10,000.
- Urban Youth Action Inc., Pittsburgh - $10,000.
- Beaver County Educational Trust, Beaver - $5,000.
- Big Brothers/Big Sisters of the Lehigh Valley, Allentown - $5,000.
- Allegheny West Foundation, Philadelphia - $5,000.
- Taller Puertorriqueno, Philadelphia - $5,000.
- Skills USA Council, Allentown - $5,000.
- Harrisburg Area YMCA, Harrisburg - $2,500.
- Allentown Symphony Association, Allentown - $2,500.
Under the Educational Improvement Tax Credit plan, Pennsylvania businesses that pay any one of six taxes, including the corporate net income tax, may submit an application to the DCED to provide grants. The businesses then are eligible for tax credits ranging from 75 percent to 90 percent of a maximum contribution of $300,000 per year. The credit is applied against a business's tax liability for the tax year in which the contribution was made. Since Verizon renewed its commitment to contribute $100,000 for two consecutive tax years, it will qualify for the 90 percent tax credit.
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 69 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of more than 228,600 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit www.verizon.com.