The Pennsylvania Educational Improvement Tax Credit program allows Pennsylvania businesses (LLC’s, S-Corps, C-Corps, Partnerships) and individuals to reduce their PA state tax liability while at the same time providing need-based scholarships to Politz Hebrew Academy students.
EITC QUICK FACTS:
90% PA Tax Credit
You will receive a 90% PA tax credit annually for each of two years. You may also qualify for a chartiable deduction on your federal taxes.
That’s all it takes to apply online and do this special mitzvah for a child.
Do I Qualify?
Business Applicants: Businesses of all sizes that pay PA state taxes may qualify to participate, including LLC’s, S-Corps, C-Corps, and Partnerships.
Individual Applicants: Individuals that pay PA state taxes may qualify to participate through a Special Purpose Entity (SPE). To expedite the process, a Special Purpose Entity has been created on behalf of the Foundation for Jewish Day Schools called PEP (Pennsylvania Education Partnership, LLC). These LLC’s serve as a pass-through for tax dollars to the Jewish day school of your choice.
Politz Hebrew Academy students receive support through these programs. Please partner with us to help send deserving children to Politz.
There is no minimum Pennsylvania annual tax liability or tax credit required of a business participant.
For more information, please contact :
Karen Krebs-Wellerstein, Director of Development, Marketing and Communications at: [email protected] or Ellen Horowitz Matz, Director, Education Tax Credit Programs, at 215.832.0525 or [email protected] or
Mrs. Gwen Horowitz, Executive Director, PEP at [email protected] or 610.668.0044
The Foundation for Jewish Day Schools, created by the Jewish Federation of Greater Philadelphia in partnership with the regional Jewish day schools, is an IRS-recognized 501(c)(3) non-profit organization, whose mission is to provide needs-based school scholarships.
PARNES HAYOM – A DAY OF LEARNING
Parnes Hayom (Daily Sponsor) is an opportunity to dedicate a day of davening and learning at Politz Hebrew Academy: in honor of a birthday, special event or momentous occasion, in memory of a loved one on or around a Yahrtzeit, or in the merit of a Refuah Shelaima.
The sponsorship of the day will be announced at the beginning of each class by the Rebbe/Morah thereby notifying the students that the z’chus of their learning is in honor of, or in memory of, the individual. In addition, we will publish the sponsorship in our newsletter, Reflections.
Minimum donation is $50.
Please call Mrs. Wellerstein at 215-969-5960 x160 or
Mrs. Volkov x 171, to have it arranged.
Send a Tribute Card to family and/or friends to let them know you are thinking of them for a birthday, birth of a child, or in memory of someone.
Tribute cards are $10 apiece or $45 for a set of five Tribute cards.
Just email [email protected], call Mrs. Wellerstein at 215-969-5960 x160 or Mrs. Volkov x 171, or send in the information, and we will send out the card for you.
LIFE INSURANCE POLICY
Another easy way to support Politz Hebrew Academy and leverage your cash donations is to use a life insurance policy to accomplish this goal.
By either gifting a policy outright or naming Politz Hebrew Academy as a beneficiary, you can present Politz with funds to provide a lasting legacy of yours for a Torah institution.
A bequest is a sentence in either your will or trust stating the amount you would like to leave to the charity (Politz Hebrew Academy), identifying an amount, and stating the purpose for which you would like Politz Hebrew Academy to use the funds.
In this case, you can leave the bequest unrestricted; for example Politz can use the funds where they are most needed, or the bequest can be restricted; for example tuition or new programming.
REQUIRED MINIMUM DISTRIBUTION
This information is important for anyone in your family, or friends of your family,
who have reached the age of 72 and have a traditional IRA.
There is a favorable tax law that allows individuals who have reached age 72 to make qualified charitable distributions directly from their individual retirement plans on a tax-free basis.
The Required Minimum Distributions (RMDs), which must be taken annually and are treated as taxable income, can instead be sent to Politz Hebrew Academy as a charitable donation and are excluded from gross income.
This method of giving to Politz will allow individual taxpayers who do not itemize deductions on their personal tax returns (and instead just take the standard deduction) to essentially get the benefit of a charitable deduction!
The key requirements are: that the individual is at least 72, has an individual retirement plan (ex. an IRA, but not a 401(k)), has not yet taken the annual RMD, and the distribution must be made directly from the retirement plan to Politz.
Please pass this material on to those you know who have reached this age.
For more information on this mutually beneficial way to help support Politz Hebrew Academy, please consult your financial advisor or tax professional.