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Educational Improvement Tax Credit Program
Your Pennsylvania Tax Payments Could Directly Benefit Greenwood Students!
Thank you for considering participating in the Educational Improvement Tax Credit (EITC) Program. Through this program businesses and individuals working in Pennsylvania may direct their Pennsylvania income tax payments to the Greenwood Wildcat Foundation.
The EITC program enables individuals and businesses working in PA to direct their state income tax payment to the Greenwood Wildcat Foundation, so that these funds can be used for approved educational improvement projects throughout the Greenwood School District. As an added benefit, in some cases participation in the EITC program can help individuals and businesses reduce their own PA income tax liability.
How Does It Work?
With proof of a donation during a taxable year, businesses/individuals enrolled in the EITC program may earn PA tax credits equal to 75% of a business/individual's total charitable contribution to the Greenwood Wildcat Foundation. Further, tax credits equal to up to 90% of the charitable contribution are available to those committed to contribute the same amount for two consecutive years. There are income requirements to be in the program (see below).
In practice, following the completion of a short application, an individual/business commits to participation in the EITC program and a specific contribution amount by signing a joinder. The individual/business then submits their donation to the Greenwood Wildcat Foundation, which directs the contribution to approved projects at Greenwood School District. In turn, the Greenwood Wildcat Foundation documents the donation and sends the individual/business a tax form (e.g. SPE K-1), which documents the tax credit. The individual/business includes this form when filing their PA income tax forms to receive the credit.
It is important to note that annual EITC tax credits availability are limited. Individuals and businesses must enroll in the program each year to be eligible for tax credits. Credits are made available on a first-come, first-served basis so it is important to apply for credits early.
Who Can Participate?
Individuals/Couples
To participate, individuals/households must have an annual income of $115,000 or more or an annual PA personal income tax liability of $3,500 or more. (Hint: Check out line 12 on your PA Income Tax Return to confirm your PA Tax Liability amount.)
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Individuals or couples (married filing jointly), one must work for a business, own a business or own stock in a company that does business in PA. Individuals may live outside of PA and still participate if they own such stock. In all cases, the individual/couple must have PA state tax liability to be in the program.
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Retirees may own a small business (receive an annual K-1 form) or work for a business (receive and annual W-2 form) or own stock in a company that does business in the state of PA. Some retirees qualify due to side jobs or residual ownership of businesses. Retirees may live outside of PA and still participate if they own stock in a company that does business in PA.
Businesses
C-Corporations and owners of Subchapter S-Corporations, LLCs, LPs, LLPs and Partnerships are all businesses that qualify.
Ready to Participate?
To begin participation, businesses and individuals must complete and submit a short application. To receive an application, learn about deadlines, or learn more about this important program contact Lori Bryner, Greenwood School District Business Manager, at lbryner@greenwoodsd.org or 717-589-3117 ext 1301.
