KeyBank Awards $1.2 Million in Tax Credits to Eastern Pennsylvania Organizations

KeyBank has awarded $1,193,889 in tax credits to Eastern Pennsylvania organizations through the Educational Improvement Tax Credit, Opportunity Scholarship Tax Credit, and Neighborhood Assistance Program. The EITC program funded 15 community organizations, ranging from $20,000 to $50,000, while the OSTC program provided scholarships for tuition assistance to eligible students. The remaining funds were allocated to serve distressed areas or support neighborhood conservation.

KeyBank (NYSE: KEY) has announced a significant contribution to educational and community initiatives in Eastern Pennsylvania through various tax credit programs. The bank has awarded a total of $1,193,889 in tax credits to organizations and individuals in the region.

The Educational Improvement Tax Credit (EITC) program was the primary recipient, with KeyBank allocating $527,222 to 15 community organizations. These organizations, which include schools and educational improvement organizations, received funding ranging from $20,000 to $50,000. The EITC program allows businesses and individuals to receive a state tax credit equal to 90% of their Pennsylvania state tax liability for eligible contributions [1].

In addition to the EITC program, KeyBank granted an additional $416,667 through the Opportunity Scholarship Tax Credit (OSTC) program. This funding provides scholarships for tuition assistance to eligible students attending public or nonpublic schools outside their district. The remaining funds, totaling $250,000, were allocated through the Neighborhood Assistance Program (NAP) to support distressed areas and neighborhood conservation efforts. These funds were specifically allocated to programs like the Neighborhood Partnership Program (NPP) and Special Program Priorities (SPP) [2].

Youseff Tannous, KeyBank's Eastern Pennsylvania Market President, emphasized the bank's commitment to fostering educational access and opportunity. "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," Tannous said.

KeyBank's contributions reflect its ongoing dedication to community development and educational initiatives. The bank's support through these programs underscores its commitment to serving communities across Pennsylvania and the broader region.

References:
[1] https://www.marketscreener.com/quote/stock/KEYCORP-40311107/news/KeyBank-Awards-More-Than-1-193-000-to-Eastern-Pennsylvania-Organizations-Through-Tax-Credit-Program-50458229/
[2] https://www.morningstar.com/news/accesswire/1046761msn/keybank-awards-more-than-1193000-to-eastern-pennsylvania-organizations-through-tax-credit-programs