Verizon State Tax Credits Turned Into Educational Opportunities for Students in Region
$100,000 grant to expand Penn State Behrend outreach programs
Penn State Erie, The Behrend College, announced it will receive a $100,000 grant from Verizon to support academic enrichment experiences for middle and high school students in northwestern Pennsylvania, most notably in the areas of science, technology, engineering and math (STEM) skills development.
The grant was made possible by Verizon's participation in the state’s Educational Improvement Tax Credit (EITC) program, administered by the Department of Community and Economic Development (DCED). Inaugurated in 2001, the program authorized $75 million in tax credits to businesses that make contributions to approved scholarship organizations, educational improvement organizations or pre-K educational programs.
Nine of Penn State Behrend's outreach programs are approved to receive funding through EITC:
• The Penn State Educational Partnership Program (PEPP), an afterschool mentoring program for at-risk students in Erie’s Wayne and Wilson middle schools and Central Tech High School;
• Math Options events, Chemistry Day, and Women in Engineering Day, hosted by Penn State Behrend faculty and staff for middle and high school students;
• Minority College Experience/Women in Science and Engineering, a summer program that invites academically talented eleventh graders to enroll in a three-credit course at Penn State Behrend and participate in mentoring, leadership and enrichment activities;
• 21st Century Kids, which provides science enrichment to seventh-graders in Warren and Forest counties;
• Pennsylvania Sea Grant’s aquatic sciences outreach programs;
• Earth Force, an environmental task force for children, and
• Understanding Credit, designed to build financial literacy among middle and high school students.
“Educational research regularly provides evidence that when children are introduced to higher education and career options early and often, they are not only more likely to stay in high school, but are also more likely to pursue a college education,” Penn State Behrend Chancellor Jack Burke said. “Verizon’s grant will allow us to continue our enrichment programs for our area’s young people. In this way, it truly represents an investment in the future of the Erie region.”
Under the EITC program, 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 $200,000 per year. The credit then is applied against a business’ 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, a total of $200,000, the company will qualify for the 90 percent tax credit.
“Giving students the tools to achieve academic success is vital to the success of our communities,” said Daniel S. Mead, president of Verizon Services Corp and a native of Warren, Pennsylvania. “This is a great opportunity for Verizon to give back to our communities and to recognize the leadership of an institution now celebrating 60 years of excellence in education and community partnership in northwestern Pennsylvania.”
“Everyone benefits from the EITC program,” said William B. Petersen, president of Verizon Pennsylvania. “The region’s students gain invaluable skills needed to pursue careers in diverse fields like math, science and engineering, and corporations like Verizon have the opportunity to invest in educational initiatives that prepare students to meet the challenges of living and working in the 21st century.”
Penn State Erie, The Behrend College
Penn State Erie, The Behrend College, is a comprehensive residential college offering 33 baccalaureate, six associate, four pre-professional and two graduate degree programs with 22 minors to more than 4,400 students. Focused on providing a student-centered environment, Penn State Behrend is the link that connects its students to a major research and land-grant institution on a campus enriched by more than 110 clubs and organizations, 21 NCAA varsity teams, 19 intramural sports and modern facilities. For more information, visit behrend.psu.edu.
Verizon Communications
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 66 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 nearly 235,000 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit verizon.com.
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