Personal Income Tax Credits
Change the lives of children and families in your community by repurposing personal income tax credits to scholarships benefitting Nazareth Prep.
How it Works
1. Individuals must work for a business that withholds PA income taxes or own a Pennsylvania business. When applying jointly, one spouse must qualify. (Owning shares in a public company that does business in Pennsylvania like Netflix, Wal-Mart, Apple or Ford counts as "owning a PA business.")
2. Qualifying individuals or couples must have a personal, annual PA income tax obligation greater than $3,150 and donate a minimum of $3,500 in a single payment to the YES (Youth Employment Scholarship) Fund ($3,150 is 90% of $3,500). The maximum amount of your contribution is limited by your PA tax obligation-the amount you expect to pay this year based on your single or household income.
3. A joinder agreement is completed showing a two-year financial contribution to the YES Fund.
4. The YES Fund receives tax credits from the state in the fall of each year. At that time, members are notified that their year-one contribution is due within 30 days.
5. Individuals/couples will receive a Form K-1 in January of the following year as proof of the donation and credit to the YES Fund.
6. The K-1 is filed with the appropriate PA income tax forms to receive the 90% credit.
To participate, download and complete the joinder agreement* and mail to:
Youth Employment Scholarship Fund, LLC
Central Pennsylvania Scholarship Fund
Attn: Tami Clark or Randy Tarpey
227 Jefferson Avenue
Tyrone, PA 16686
*To request a copy of the joinder agreement, or if you have any questions, please contact Susan Neszpaul, Executive VP of Philanthropy, at 412-766-9020 x1084 or neszpaul.susan@hfi-pgh.org.
This information is not intended to serve as legal or tax advice. Please share this information with your financial or tax advisor.
