PA Tax Credit Programs – EITC, SPE
Pennsylvania now allows individuals to take advantage of EITC Tax Credits (just as businesses can) whereby you have the opportunity to redirect 90% of your personal state income taxes to St. John the Baptist Catholic School.
There are many ways to support John the Baptist Catholic School and the Tax Credit Programs are just one of them. Whether you’re an Individual who qualifies for the Special Purpose Entity (SPE) or a Business who qualifies for the Educational Improvement Tax Credit (EITC) Program, it’s easy to support current and future SJB students!
If you pay personal Pennsylvania income taxes, you now have the opportunity (whether filing individually or jointly) to choose how these taxes are spent each year by joining a Special Purpose Entity (SPE). SPEs are based on tax liability, not income, therefore each taxpayer’s situation will differ. An individual or couple filing jointly must have a state tax liability of $3,500 or more to participate. To see if you qualify, you can find your PA tax liability on Form PA-40 Line 12 of your tax return. 100% of your contributions are distributed to the school.
These programs are the biggest no-brainers ever. Why not redirect a portion of your taxes that you already have to pay and have them transform the lives of students here at John the Baptist Catholic School?
Contact Sarah Shaffer, Director of Development, by calling 717-235-3525 or emailing SShaffer1@sjbnf.org.
SPE – Individuals
Individuals who qualify for the SPE Program are asked to fill out a One-Page Joinder Agreement. For more information and to access one of the SPE-specific Joinder Agreements, please view the documents here: SPE Document & Joinder. Confirm the amount of your personal state income taxes with your accountant/tax preparer.
If you would like to take advantage of this opportunity, please follow these steps:
- Review information on the SPE program to determine if you qualify.
- Confirm your personal state income tax liability with your accountant.
- Complete and submit the Joinder Agreement.
- You will receive notification of your assignment to a SPE.
- You will receive a letter when funding is required.
- A SPE K-1 tax form will be sent to use to receive your tax credit.
All SPE funds are available on a first-come, first-served basis, so NOW is the time to submit your Joinder Agreement!
EITC/OSTC – Businesses
Corporate donors can earn up to 90% in tax credits when participating in the OSTC (Opportunity Scholarship Tax Credit) or EITC (Educational Incentive Tax Credit) programs. These vital programs provide needed tuition assistance monies for our talented students. The application and information on both programs may be found at the links above.
How does this benefit our School?
Your business can play a trans-formative role in St. John’s school by helping students and their families who struggle to provide their children with an excellent faith-based education simply because they are financially unable to do so. Increased tuition assistance funds from SPE and EITC will allow more children to attend our school. The EITC has accomplished what many in Pennsylvania had been advocating for years: to get the business community more involved in education. The EITC enables companies to support their local schools, at a minimal cost to them, instead of sending their tax dollars to Harrisburg. It’s just that simple. To quote a Lancaster Insurance executive, “The EITC program is the biggest no-brainer in the history of philanthropy and is a completely win-win situation for all qualifying businesses!”