Can I Participate Both as an Individual and as a Business?
Yes! A business can participate in BOTH; as its business (C-Corp, LLC, LLP, etc.) and as an individual through a Special Purpose Entity (SPE).
The individual does not need to reside, nor does the business need to be incorporated in Pennsylvania, but Pennsylvania taxes must be paid in each case.
A business can become a member of a PEP Special Purpose Entity. This is the vehicle which enables the individual's Pennsylvania tax liability to flow through it for the purpose of participating in the EITC/OSTC program. It is the SPE which makes the application to the Commonwealth on behalf of its members.
Or a business can apply directly to the Pennsylvania Department of Economic and Community Development. Learn how on the FJDS website at www.jewishphilly.org/ways-to-give/eitc/eitc-forms/.
Try our EITC Calculator to learn how much you or your business can contribute to the EITC program at https://form.jotform.com/232204598627057
Is there a MINIMUM/maximum allowable contribution?
For a business submitting its own application, maximums are:
- EITC/OSTC/EIO: $833,333 contribution ($750,000 tax credit)
- PKSO: $221,111 ($200,000 tax credit)
There is no minimum for a BUSINESS entity applying on its own.
There is no maximum for a Business joining an SPE.
LEARN MORE ABOUT BUSINESS PARTICIPATION
To have your business join one of PEP's entities, email Gwen@paeitc.com.
For more information your business applying for its own tax credit awards, contact Ellen Matz, Executive Director of the Foundation for Jewish Day Schools, at ematz@jewishphilly.org or
215-832-0525.
There are step-by-step instructions on the FJDS website at:
eitc-how-to-apply-2023.pdf (jewishphilly.wpenginepowered.com)