PA Tax Credit Programs
Claim your 90% Pennsylvania Educational Improvement Tax Credit (EITC)
When you support scholarships at Wyndcroft
Now easier than ever!
The Wyndcroft EITC program is the simplest way to get a 90% Pennsylvania tax credit when you support low- and moderate-income Wyndcroft scholarships.
We have well-qualified applicants who can do Wyndcroft-level work and thrive in the culture of our School. With your support through the EITC we can provide the scholarships they need to attend Wyndcroft.
The EITC reduces state taxes for individuals as well as businesses. If you pay at least $3500 in the Pennsylvania taxes listed here, you can take the credit against your taxes.
Businesses no longer have to apply to become “approved businesses” and wait for State approval to earn EITC tax credits.
A minimum gift of $3500 is required to get the 90% tax credit.
The net cost to you for a $3500 gift is just $350! And that $350 may be deductible on your federal income tax return. There are no administrative fees – 100% of your gift goes to support Wyndcroft scholarships.
Who qualifies for the tax credit?
Individuals and businesses authorized to do business in Pennsylvania, their shareholders, and employees, which are subject to one or more of the following taxes may utilize the EITC:
- Personal Income Tax
- Capital Stock/Foreign Franchise Tax
- Corporate Net Income Tax
- Bank Shares Tax
- Title Insurance & Trust Company Shares Tax
- Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
- Mutual Thrift Tax
- Malt Beverage Tax
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
100% of your EITC gift goes to fund Wyndcroft scholarships!
Consult your tax advisor to get the maximum benefit from the EITC.
The Wyndcroft EITC Program is administered in cooperation with the Central Pennsylvania Scholarship Fund.
Send your dollars to Wyndcroft, not Harrisburg! You’ll spend a dime to give a dollar!
Here’s how to qualify for the 90% Tax Credit when you make an EITC gift.
- You pay Pennsylvania taxes, or your business does (see list of eligible taxes).
- You send a simple joinder form stating that you or your business will make an EITC gift to Wyndcroft. You have no other responsibilities to the LLC.
- You receive an award letter to tell you when to make your gift.
- You receive K-1 forms confirming your Pennsylvania tax credits.
- A federal charitable deduction may be available for a portion of your gift.
Just request the simple LLC joinder form from us. Choose the amount of your gift, designate Wyndcroft as the beneficiary and return it to us to reserve your credits.
Wyndcroft makes creating scholarships easy!
Fill out the form below to let us know you want to learn more about this extraordinary opportunity. Robert Evans, Director of Development, will then contact you to set up a personalized EITC planning session.
- How much of my EITC gift will support scholarships at Wyndcroft?
- What is the minimum EITC gift?
- How do the EITC tax credits get passed through to me in order to apply the 90% tax credit to my state taxes?
- Does the LLC pass through the 10% of the gift that is not covered by EITC as a deduction on my Federal tax return?
- Can the 10% of my gift not covered by the Pennsylvania EITC earn a tax credit against Federal taxes?
- What's the difference between a tax credit and a tax deduction?
- What is the deadline for me to file a Joinder to make an EITC gift?
- What is the legal effect of signing a Joinder?
- What happens if I sign a Joinder and then decide not to donate through EITC?
- What if I want to adjust the amount of my donation by the time I am invoiced for the gift?
- Can I apply my EITC credits for State taxes against my estimated quarterly taxes? If so, how does that work?
- Will I still get my EITC tax credit for the year in which I file the Joinder even if the award letter from the state is delayed?
- What if I file a joinder with the Central Pennsylvania Scholarship Fund but the Fund doesn't invoice me for the gift until the following year?
- What happens if I sign up for one year and then find I can't participate for the second year?
- I have a matching gift program at work. Will my employer match my EITC gift?
- Are capital gains eligible for EITC?
- Can someone do a back-door estimate of my income from the amount of my EITC gift?
- HOw can you protect me and ensure a safe and successful outcome if I sign up to make an EITC gift?
As always, consult your tax advisor to structure your EITC gifts to your best advantage.
For more information on PA Tax Credit Programs and other ways that you can support The Wyndcroft School, please contact us:
Robert W. Evans `65, Director of Development or Staci Mortenson, Development Officer