If you could direct your taxes back to your community and make a difference in a child’s life, would you? Please Re-Invest your Tax Dollars to help a student!!!
Participate In The EITC Program With The FAACTS Foundation
In Pennsylvania, the Educational Improvement Tax Credit (EITC) programs allow you to do just that. If you pay state taxes in Pennsylvania, you can contribute to The FAACTS Foundation and receive 90% of that contribution back in the form of a tax credit. It costs a dime to give a dollar.
Funds from EITC program go directly to our need-based financial aid student program, supporting students who would otherwise not be able to attend a private or Charter School. Working together with local business partners and individual donors, we can achieve truly remarkable things in our school, our community, and our city. This is a great way to provide scholarships opportunities for Student, EITC Funding supports non-profit organizations that provide private/Charter school scholarships to families from low-and-middle income households.
Businesses paying PA taxes complete an online application each year to the Department of Community and Economic Development or join an SPE. Awards are received on a first-come, first-served basis and within 60 days, the contribution must be made to an approved educational organization. A business owner can participate in both: as a business applying directly to PA (C-Corp, LLC, LLP, etc.) and as an individual through an SPE. The SPE allows the PA tax liability to flow through it for the purpose of participating in the EITC program. The SPE makes the application to the Commonwealth on behalf of the members.
If you or your business (C-Corp, S-Corp, LLC, or Partnership) is subject to one or more of the Pennsylvania taxes, you can receive a dollar-for-dollar credit in tax payments of up to 90% for every contribution made to the FAACTS Foundation, which is an approved Scholarship Organization. Eligible businesses that apply for credits-and are approved – can make a substantial donation at very little real cost. Also, the amount you donate is deductible from federal taxes.
Individuals/households with an annual income of $115,000 or more or a PA personal income tax liability of $3,500+ annually can qualify for this program. Check line 12 of your PA Income Tax Return to confirm your PA Tax Liability amount.
For 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 the state of Pennsylvania. Individuals may live outside of PA and still participate if they own such stock. You must have PA State Tax Liability.
Retirees may own a small business (receive an annual K-1 form), work for a business (receive an 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, and some do not. We can help you confirm your qualification status. Retirees may live outside of PA and still participate if they own stock in a company that does business in the state of Pennsylvania. You must have PA State Tax Liability.