MMI Preparatory School in Freeland recently received a $955 contribution from First National Community Bank (FNCB) through the Education Improvement Tax Credit (EITC) program to go toward need-based scholarships at the school.
MMI Head of School Thomas G. Hood said, “FNCB’s contribution is greatly appreciated by the entire MMI family, particularly the students who will directly benefit from it by receiving financial aid. On behalf of those students and their families, I would like to express our gratitude to FNCB.”
As an approved scholarship organization, MMI is designated to receive contributions through the EITC program, which is administered by the Pennsylvania Department of Community and Economic Development.
Businesses that donate to MMI are eligible to receive tax credits amounting to 75 percent of their charitable contribution for a one-year period. The tax credit increases to 90 percent if the company commits to making the same donations for two consecutive years. 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.
MMI has received nearly $2.7 million in EITC scholarship funds since 2005. Pennsylvania is one of only a few states in the nation that offers the EITC program, which gives tax credits to eligible businesses contributing to a scholarship organization.
Founded in 1910, FNCB supports its mission: Simply a better bank™ with an endless commitment to the communities it serves. FNCB serves the personal and business banking needs of Northeastern Pennsylvania with 19 community offices in Lackawanna, Luzerne, and Wayne counties. For more information, visit www.fncb.com.