PHILADELPHIA - Thanks to an additional $100,000 in grants from Verizon Pennsylvania, 12 more nonprofit organizations will offer educational opportunities in Pennsylvania communities. The grants, announced Tuesday (Nov. 25), bring Verizon's total contribution in 2008 to $200,000 for 23 nonprofit organizations.
The grants were made possible through Verizon's participation in Pennsylvania'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.
"Verizon is delighted in these times of economic uncertainty to increase its participation in Pennsylvania's EITC," said Gale Y. Given, 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. It's also 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's most recent grants went to the following nonprofit organizations, which were selected from a state-approved list:
- Bridge Educational Foundation, Harrisburg - $25,000
- Foundation for Indiana University of PA, Indiana - $12,500
- Fund for Advancement of Minorities Through Education (FAME), Pittsburgh - $12,500
- Big Brothers/Big Sisters of the Capital Region, Harrisburg - $10,000
- Reading Education Foundation, Reading - $7,500
- Chester Education Foundation, Chester - $5,000
- Futuro Educacional Inc., Philadelphia - $5,000
- Greater Philadelphia Urban Affairs Coalition/After School Activities Partnership, Philadelphia - $5,000
- Harrisburg Area Community College, Harrisburg - $5,000
- Hope Partnership, Philadelphia - $5,000
- Penn Wood Educational Foundation, Lansdowne - $5,000
- Penngift Foundation, Elverson - $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 71 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 228,000 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit www.verizon.com.