Business Partners can donate up to $750,000.
See below for more information on businesses!
Dear Saint Aloysius Families,
The purpose of this letter is to share with you, information about a program called EITC (Educational Improvement Tax Credit) which allows individuals and businesses you to redirect up to 90% of the income taxes paid to state of Pennsylvania to a private school, such as our own Saint Aloysius Parish school. I know it might sound hard to believe but it is true. 90% of the money that is withheld from your wages to pay your Pennsylvania tax liability could be benefitting qualified students who want to attend our school. This letter is will explain how individuals might participate in the program. Business Owners can see the reverse of this page for a letter explaining how they might participate.
Here is how it works. If you agree to participate for two years, you can redirect 90 percent of your PA taxes to the private school (Saint Aloysius Parish School) of your choice. So, if you make a contribution of $1,000.00, your tax liability will be reduced by $900.00. That means that at a cost of $100.00, a qualified student will receive a scholarship of $1,000.00. In many instances, that is enough to make the difference of a student returning to our school or a new student being able to come to our school for the first time. So, for $100.00 a qualified student receives a $1,000.00 scholarship, which allows them to receive the excellent education provided by Saint Aloysius Parish School. And our school would receive $4,500.00 in tuition. That is a tremendous amount of impact for 100 bucks, isn’t it? But, actually the cost is even less than that (more like $70.00) because your donation can also be deducted from your Federal taxes.
Individual taxpayers can participate because Pennsylvania has expanded the definition of a business to include an SPE (Special Purpose Entity). The only purpose for an SPE to exist is to allow individuals’ PA Tax liabilities to flow through it so these individuals can participate in the EITC program. To participate in the program an individual must become a member of an SPE. It is the SPE that makes the actual application to the State. To make it easy for individuals to participate an SPE has been created on behalf of the Foundation for Catholic Education. The Foundation will provide guidance for us as we go through this process.
The most difficult part about this program is that your donation needs to be made up front by December 15, 2022. You will receive your 90% credit when you file your income taxes in the beginning of 2023.
I kindly ask you to seriously consider participating. I cannot imagine another way for us to be able to have this kind of impact for our children and for our school. I believe it will help to ensure that Saint Aloysius Parish School continues to thrive.
If you are willing to participate simply fill out the attached sign- up sheet and return it either electronically to Remick@saintaloysius.net or via hard copy to the parish office.
We will then forward them to the Foundation for Catholic Education which will make the application to the state. The Foundation will also work directly with you if you need help or have any questions.
Sincerely,
Fr. Joseph L. Maloney, Pastor
Click here for the EITC participation Form for Individuals
Dear Business Partners,
Thank you so very much for all that you do for our community and especially for your tremendous hands-on investment in its economic well-being. We also know that you are very interested in the moral fiber of our community as well. You know, of course, that a strong economic foundation is not sustainable without a strong value system based on hard work, trust, honesty and understanding the value of a dollar, etc. The purpose of this letter is to invite you to partner with Saint Aloysius Parish School in helping us to form young members into well-formed contributing members of society.
Thank you for allowing me to share information with you about a truly wonderful program called EITC (Educational Improvement Tax Credit), which allows businesses to redirect up to 90% of their income taxes paid to state of Pennsylvania to a private school, such as our own Saint Aloysius Parish School. I know it might sound hard to believe but it is true. 90% of your business’s Pennsylvania tax liability could be benefitting qualified students who want to attend our school.
Here is how it works. If you agree to participate for two years, you can redirect 90% of your PA taxes to the private school (Saint Aloysius Parish School) of your choice. So, if you make a contribution of $1,000.00, your tax liability will be reduced by $900.00. That means that at a cost of $100.00, a qualified student will receive a scholarship of $1,000.00. In many instances, that is enough to make the difference of a student returning to our school or a new student being able to come to our school for the first time. This means that for $100.00 a qualified student receives a $1,000.00 scholarship, which allows them to receive the excellent education provided by Saint Aloysius Parish School. But there is more! Our school, because of your gift, would receive $4,500.00 in tuition. That is a tremendous amount of impact for 100 bucks, isn’t it? But, actually, the cost is even less than that (more like $70.00) because your donation can also be deducted from your Federal taxes. Business can contribute up to $750,000 per year!
The most difficult part about this program is that your business needs to make its donation up front by the end of the calendar year. You will receive you 90% credit when you file your income taxes in the beginning of next year.
I kindly ask you to seriously consider participating. I cannot imagine another way for us to be able to have this kind of impact for our children and for our school. I believe it will help to ensure that Saint Aloysius Parish School and our community continue to thrive.
If you would like to participate just let us know by sending an email to our Administrative Assistant, Mrs. Cathy Remick at Remick@saintaloysius.net . We will then connect you to Mr. Kevin Kelly at Foundation for Catholic Education who work directly with you on your application. Thank you very much for your consideration and for your support of our school and community.
Sincerely,
Fr. Joseph L. Maloney, Pastor
