Individual tax payers have a unique opportunity to help students at the Jewish Day School of the Lehigh Valley—if they act quickly!
The Jewish Federation of the Lehigh Valley’s “special purpose entity” or SPE—an organization set up for the sole purpose of allowing individual tax payers to participate in Pennsylvania’s Educational Improvement Tax Credit (EITC) program—has been notified by the state that it is eligible for up to $99,000 in tax credits this year. The Federation will receive the money if taxpayers contribute through this program by early November.
The program allows Pennsylvania taxpayers to turn their tax liability into educational scholarships for children across Pennsylvania to assist them in attending the schools of their choice. Since 2001, the Federation has been able to distribute over $2.1 million in scholarships benefiting low-income families at the Jewish Community Center and the Jewish Day School through EITC.
If you want to help by participating in EITC, consult with your tax preparer to determine your eligibility and the amount of your PA taxes (minimum of $1,000) for 2019 and 2020. Participants must also own stock in a PA for-profit business. Eligible taxes include: personal income tax, corporate net income tax, capital stock/foreign income tax, bank shares tax and more.
While the program was previously only open to businesses, Pennsylvania has expanded the definition of a business to include a “special purpose entity,” like the Jewish Federation’s.
Those interested in participating should notify the Jewish Day School or Jewish Federation as soon as possible and plan to make a qualifying contribution by Nov. 8.