Special Purpose Entity

Pennsylvania now allows individuals to take advantage of EITC Tax Credits (just as businesses can) whereby you have the opportunity to re-direct 90% of your personal state income taxes to Holy Trinity Catholic School (remaining 10% may qualify for federal tax charitable contribution deductions). 

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 and used to provide tution assistance to families with a demonstrated financial need.

You could receive at least a 10% charitable deduction on your personal federal taxes each year, so why not have your personal state income taxes serve as tuition assistance funds, providing opportunities for families to take advantage of quality Catholic Education at Holy Trinity?  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.
• In February, a SPE K-1 tax from will be sent to use to recieve 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 for the current tax year!
 
For more information about this and other opportunities, please contact Nicole Nirosky.