Individual Tax Credits (SPE)

PENNSYLVANIA INDIVIDUAL TAXPAYERS CAN SUPPORT JUBILEE NETWORK SCHOOLS THROUGH EDUCATION TAX CREDITS

In 2020, Children’s Jubilee Fund created a Special Purpose Entity (SPE) that was granted the authority by the Commonwealth of Pennsylvania to serve as a pass-through organization for the benefit of Jubilee network Schools. What this means is that many individual and joint taxpayers who file a PA-40 and who pay Pennsylvania Individual Income Taxes on earned or unearned income have the opportunity to use tax credits to directly benefit the Jubilee School of their choice.

HOW DOES THE PROGRAM WORK?

If you’re a Pennsylvania Individual Income Tax taxpayer, you are probably eligible to participate in this program. All you do is complete a brief application process, decide which school you want to support, and write a check. Participants in this program are required to make a two-year commitment, with the funding level identical for both years. Participants’  contributions are due on or before December 15.

THE IMPACT OF DONORS’ CONTRIBUTIONS ARE MULTIPLIED TEN TIMES

Because you’re using PA tax credits to multiply your gift, Jubilee Schools will actually receive ten times your net out-of-pocket gift! When you join the SPE and make an annual contribution, you receive a 90% PA EITC or OSTC tax credit based on your contribution, which reduces what you would otherwise pay to the Commonwealth of Pennsylvania for your personal income tax liability.

For example, if you typically owe $4,500 annually in PA Individual Income Taxes, you can join the SPE and make an annual contribution of $5,000. You then receive a 90% tax credit ($4,500) on your SPE contribution, which reduces your PA tax liability to zero. Based on your federal tax eligibility, you may be able to itemize the other $500 you paid to the SPE as a charitable contribution. And best of all, the school you designate receives the entire $5,000! For a net outlay of $500, the school of your choice receives $5,000. You can’t beat that!

THE FULL VALUE OF YOUR CONTRIBUTION GOES TO THE SCHOOL

Children’s Jubilee Fund passes the entire amount (100%) of your contribution along to the school of your choice. Nothing is held back to cover administrative or accounting expenses.

HOW CAN I PARTICIPATE?

Jubilee’s SPE assigns tax credits on a first-come, first-served basis. To participate, you’ll need to complete a brief application in which you make your two-year commitment and select your Jubilee network School. Then, your membership begins in the SPE once Jubilee receives the check for your first year’s contribution. To participate in the SPE Program, email Jubilee Executive Director Tim Geiger at tim@jubileefund.org.

SPE DOCUMENTS