Berks Catholic High School
Special Purpose Entities (SPEs) – Personal State Tax Credits
The Commonwealth of Pennsylvania now allows individuals who pay a particular amount of personal state taxes the opportunity to participate in the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) Programs!
Individuals may now join a Special Purposed Entity (SPE) that allows personal tax liabilities to flow through it, allowing them to participate in the EITC & OSTC programs. Joining an SPE enables Pennsylvania taxpayers the ability to receive a credit up to 90% of the donation amount as well as a federal charitable tax deduction.
What is a Special Purpose Entity?
An SPE is a pass-through partnership that exists to allow individuals’ Pennsylvania personal tax liability to flow through it – allowing that person to participate in the EITC/OSTC Program.
Individuals who meet the following criteria may be able to join an SPE and participate in the PA State Tax Credit Programs (EITC & OSTC) with their personal tax liability:
- Pay at least $1,000 in state income taxes each year
- PA Tax Liability is found on your Form PA-40
- Work for, or own, a for profit business in PA
Are there SPEs that Berks Catholic High School recommends?
The SPEs that Berks Catholic currently works with are:
· Eastern Pennsylvania Scholarship Fund (EPSF) ($5000)
Contact: Mr. John Fierro Diocese of Allentown 610-866-0581, Ext. 2344
Business Leadership Organized for Catholic Schools ($5000)
Contact Kathleen Harvey, Senior Financial Analyst BLOCS 484-704-2307
Central Pennsylvania Scholarship Fund (CPSF) ($3500)
Contact Tami Clark, Executive Director CPSF (814)682-9035
ACSI Children’s Tuition Fund ($1000)
Contact Catherine Long, 717.285.3022 x 1