EITC for individuals
How Does This Program Work for Me?
Individuals can participate through a Special Purpose Entity (SPE). Pennsylvania's definition of a "Business” includes an SPE thereby enabling the participation of individuals in this program.
To become a member of an SPE at the Pennsylvania Education Partnership LLC, individuals must:
- Make a two-year commitment to join the PEP SPE; and
- Submit a signed PEP Operating Agreement
- Upon notification of tax credit approval from the Pennsylvania Department of Economic and Community Development, PEP will send you an Operating Agreement;
- The Operating Agreement needs to be signed and returned to PEP along with your first-year contribution; and
- In your second year, your contribution must be submitted within 60 days of the Letter of Approval from the Pennsylvania DCED. PEP will inform you of this date.
Is There a Minimum AND MAXIMUM ALLOWABLE Contribution?
There is a $6,000 minimum annual contribution.
Pennsylvania has no maximum for individual participation through one or more of the Special Purpose Entities (SPEs). You can become a member of an SPE through PEP.
HOW MUCH SHOULD I CONTRIBUTE?
You need to select an amount that generates a 90% tax credit amount without exceeding your Pennsylvania tax liability. The amount is a guess for most people who don't know exactly what their current year taxes will be. Please consult your tax professional to help you choose the right amount.
Try our EITC Calculator to learn how much you can contribute to the EITC program at https://form.jotform.com/232204598627057
Email our Executive Director Gwen Horowitz at Gwen@paeitc.com to get started today!
