SPE
Special Purpose Entities (SPE)
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Any individual or couple who pay PA Personal Income Tax or businesses can donate. There are several additional taxes businesses pay that qualify (like corporate net income, bank shares, etc.). A complete list of eligible taxes that qualify are available from Penngift on request.
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Individuals must have a tax liability of at least $500 for the year in which they donate. If you and your spouse are donating:
• an amount as individuals based on the tax liability of both incomes and you file jointly, you should both fill out and sign a Joinder (application) with your donation.
• if one spouse has no taxable income, the Joinder would only be completed by the spouse with taxable income.
• on behalf of an entity (or business) both spouses would not have to sign the Joinder.
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Donors make a minimum donation of $500. Each donor will be making a one year only commitment and will get a 90% tax credit/refund.
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Your application (Joinder) which CCA will provide for you, will be submitted in the fall, typically late September, or October, to Central Christian Academy after CCA notifies you of the exact date. Your check needs to be submitted with the Joinder. Both will then be forwarded to Penngift, CCA’s scholarship organization. Penngift will contact you with further information on how to file for your credit/refund.
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Consult your accountant. For those who file their own taxes, please contact us for directions.
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CCA pays a small percentage for processing fees, and the rest of your contribution goes directly to the school.
A Special Purpose Entity is a new class of pass-through partnerships that exist solely to obtain Education Improvement Credits (EITC/OSTC).