Tax credits awarded to eligible businesses contributing to qualified organizations through the Educational Improvement Tax Credit (EITC) Program, Opportunity Scholarship Tax Credit (OSTC) Program and Neighborhood Assistance Program (NAP).
PLYMOUTH MEETING, PA / ACCESS Newswire / July 8, 2025 / KeyBank (NYSE:KEY) announces it has awarded Philadelphia and Eastern PA educational organizations with funding in 2024 through Pennsylvania's Educational Improvement Tax Credit (EITC) program totaling $527,222. Additional tax credit funding has been awarded through the state's Opportunity Scholarship Tax Credit (OSTC) program and Neighborhood Assistance Program (NAP) for a total contribution of $1,193,889.
Under the EITC program, Pennsylvania allows individuals and businesses to obtain a state tax credit equal to 90% of their Pennsylvania state tax liability for eligible contributions. These contributions must be made either to schools that provide tuition assistance to students from low-income households or to approved Educational Improvement Organizations.
"KeyBank's continued support through Pennsylvania's EITC program reflects our deep commitment to fostering educational access and opportunity to all students in our community," said Youseff Tannous, KeyBank's Eastern Pennsylvania Market President. "We recognize the significant impact of the EITC program and the vital role it plays in enabling us to contribute meaningfully to those organizations that are shaping and educating the leaders of tomorrow. Through our investments, we are helping to provide students with access to innovative learning experiences that inspire growth, development, and a brighter future for our communities."
The EITC program funding from Key ranges from $20,000 to $50,000 and have been made to the following community organizations:
Children's Scholarship Fund of Philadelphia
Cristo Rey Philadelphia High School
Devon Preparatory School
Foundation for Catholic Education
Gladwyne Montessori School
Joey F. Casey Memorial Foundation
Montgomery School
Pen Ryn School
Philadelphia School of Democracy, Inc.
The Church Farm School
The Hillside School
The Swain School, Inc.
Upland Country Day School
Wyndcroft School
KenCrest Services
YMCA of Bucks County
Wonderspring
KeyBank granted an additional $416,667 through the OSTC program, providing scholarships for tuition assistance to eligible students to attend a public or nonpublic school outside of their district. The remaining tax credit program funds were allocated to serve distressed areas or support neighborhood conservation with affordable housing programs, community services, crime prevention, education, job training or neighborhood assistance through the NAP-specifically the Neighborhood Partnership Program (NPP) and Special Program Priorities (SPP) program.
ABOUT KEYCORP
In 2025, KeyCorp celebrates its bicentennial, marking 200 years of service to clients and communities from Maine to Alaska. To learn more, visit KeyBank Heritage Center. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $189 billion at March 31, 2025.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit?https://www.key.com/. KeyBank Member FDIC.
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SOURCE: KeyBank
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/keybank-awards-more-than-1-193-000-to-eastern-pennsylvania-organizat-1046761
