BB&T Bank made a $5,000 contribution to MMI Preparatory School through the Education Improvement Tax Credit (EITC) program that provides students with need-based financial aid.
David McCarthy, BB&T Bank senior vice president and business services officer, said, “BB&T Bank provides the capital and counsel that foster business investment and economic growth and help businesses and individuals realize their dreams. We’re honored to support MMI and its scholarship program and assist students in working toward their future endeavors.”
Head of School Thomas G. Hood thanked the bank for its contribution, saying, “MMI is committed to providing scholarship assistance to families and giving them a choice in their child’s education. Each gift to our EITC scholarship program is helping students receive the education that they need to maximize their academic, social and character potential in preparation for success in college and beyond.”
Pennsylvania made history in 2001 by becoming the first state to pass an education tax credit aimed at corporations and businesses. The EITC program enables a Pennsylvania business to gift up to $750,000 of its Pennsylvania state tax dollars directly to MMI’s scholarship program. Tax credits are given for 90 percent of gifts given in two consecutive years or 75 percent of a one-year gift.
Contributions to the EITC program can be claimed on a business’ federal tax return. A business paying taxes in Pennsylvania can receive up to $300,000 in tax credits annually. Donations of any amount are eligible for the tax credit.