Personal Income Tax Credits AVAILABLE NOW!
We have tax credit scholarships available NOW for qualified taxpayers who want to redirect their personal income tax to fund what is important to them. Participation window closes when credit supply is exhausted or on the reservation deadline of July 25, 2019. Cornerstone Prep EITC Scholarship Supporters, LLC is a Special Purpose Entity managed by ACSI's Children's Tuition Fund. To check status of available credits call us at (412) 466-1919 or email DifferenceMakers@cornerstoneprep.net.
PA PERSONAL INCOME TAXPAYERS- Choose to PAY LESS TAXES and turn your savings into scholarships for lower to moderate income students in your communities to attend private schools of their choice.
- Some live in the boundaries of the state's lowest performing schools, and desire a safe, more challenging academic setting where they can excel.
- Other income qualified students excel best in schools with specific programs, learning styles, and school cultures that are more compatible with their needs.
How it works
Federal charitable contribution benefits vary by taxpayer. Consult your tax professional for specific guidance. For a sample to see the potential difference between a taxpayer who itemizes deductions and one who does not Click here
MAKE A DIFFERENCE for Students in 3 EASY STEPS
1. Determine your contribution amount
- Estimate your 2019 PA income tax liability (what you owe). If you expect income similar to 2018, use the amount on your last tax return (PA 40, line 12). The minimum tax liability to participate in this program is $1,000/year for 2 years.
- Calculate an estimated amount to contribute. To receive maximum benefit multiply your tax liability X 111%. Contributions must be between $1,000 and 111% of your tax liability.
- If unsure of your estimated PA tax amount, please consult your tax professional for advice.
2. Reserve your tax credits
- Send an email to DifferenceMakers@cornerstoneprep.net or call us at (412) 466-1919. Tell us you want to participate and we will send the electronic enrollment request form (Joinder) and simple instructions about how to reserve and use your credits.
- When you fill out joinder, you can choose to designate the schools to receive your scholarships on your enrollment form and tell us if you prefer your contribution to remain anonymous.
- Approved/completed Joinders are sent to ACSI's Children's Tuition Fund (CTF) for final approval and processing, and we will inform you of your credit reservation. CTF is an experienced, approved scholarship granting organization, whose role is to manage the organizational and financial responsibilities of the Cornerstone Prep EITC Scholarship Supporters, LLC.
3. Submit your pledged contribution as soon as possible, yet not later than July 25, 2019
Make your donation securely online by ACH or by check, for processing by July 25, 2019. Check mailing instructions are sent via email with your Joinder.
- CTF mails state and federal K1 forms to contributors.
- Contributors submit the K1 with 2019 tax returns and request a refund of prepaid Pennsylvania taxes, if applicable.
- First year contributors are automatically enrolled for the same amount of tax credits for the following year.
For general questions, call us at (412)466-1919, or email DifferenceMakers@cornerstoneprep.net.
For more specific questions about our program, or to reserve larger blocks of available credits, please call Cindi McCall, Cornerstone's Executive Director, at (412)466-1919, or email firstname.lastname@example.org.
Catherine Long, the Children's Tuition Fund Specialist is also available to help with your questions at (717)285-3022, or email email@example.com
For specific financial advice, please refer to your tax or accounting professional.
A few years ago the Pennsylvania Legislature approved adding PassThrough Entities as a way for business people to come together to fund what's important to them. For instance, if a company was owned by three individuals, the company as a whole may decide against donating the amount of its state tax liability to private schools. However, utilizing a Pass-Through Entity, one or two of the owners could donate their share of the company's state tax liability. The same would be true of partners in a law firm, accounting firm, etc. Employees of businesses can also become members of a Pass-Through Entity.
SPECIFIC ELIGIBILITY REQUIREMENTS TO PARTICIPATE IN THE CORNERSTONE PREP EITC SCHOLARSHIP SUPPORTERS, LLC:
- Tax eligibility- Single taxpayers or a married couple who owe at least $1,000 in PA income taxes from all sources, and who are able to make the minimum contribution of $1,000 by July 25 and the same amount next year for 2020. (All PA taxable income including pass-through income is eligible).
- Employment requirement: Single persons or a married couple may participate if at least one is employed by a Company: Corporation, S-corp, or LLC (Not a non-profit organization, a government employer, or a sole proprietor).
- An exception to the employer requirement: Persons who own a dividend-paying stock in a Pennsylvania company are considered shareholder-owners in the company and therefore eligible to participate.
This program is for individual taxpayers (or married couples) to participate for a 2-year period using personal income tax credits that allow you to re-direct your state tax liability to scholarships for needy children.
In the past, only corporations could take advantage of this great opportunity. A few years ago, the Pennsylvania Legislature passed a bill that included a new means of participation: Pass-Through Entities. Special Purpose Entities (SPE's) are the means by which individuals can easily become part of a corporate structure and take advantage of the Tax Credits program.
All income generally considered as Pennsylvania taxable income for a single person, or a married couple, including pass through income is included.
Purpose of organization:
- Cornerstone Prep EITC Scholarship Supporters, LLC is a Special Purpose Entity that exists only to be a scholarship granting organization.
- Our primary mission is to provide scholarships to income-qualified students in Cornerstone Prep's service area, which contains thousands of students in the state's lowest 15% schools- below basic proficiency in mathematics and reading/language arts based on standardized test scores. (Clairton, Duquesne, McKeesport, Steel Valley, South Allegheny, East Allegheny, Woodland Hills, Pittsburgh City Schools, and Monessen)
- Our mission is also to serve severely underfunded students enrolled in private Christian schools, broadly classified as "Protestant Christian schools". Funded scholarships in those schools adds budget income that improves programs, staffing, and helps meet other expenses that ultimately strengthen education for the benefit of all students.
Schools currently associated for scholarships:
- Cornerstone Prep (PK to 12)
- Greater Works Academy (K to 8)
- Walnut Grove Christian School K to 6)
We have asked these schools to help enroll contributor-members in our SPE, who have the opportunity to split their designations to their school, Cornerstone Prep, or other listed schools.
How to designate or split designations:
- When a contributor completes the enrollment agreement (joinder), they designate the school(s) they prefer, indicate % if splitting designations, or check undesignated.
- If undesignated, we determine designation as needed.
Don't see your school?
- Our ultimate goal is to maximize the full $750,000 of funding available to our members and schools, so that the maximum amount of funding remains available for future years to improve education in our severely under resourced regional communities.
- We will consider enrolling contributors for schools outside of our service area as necessary to assure that goal is reached.
- If additional Christian schools are interested in participating, please contact firstname.lastname@example.org or call the office at (412) 466-1919.
On the contrary. Pennsylvania's tax credit scholarship programs are a TRIPLE WIN with bipartisan support, since program inception in 2001. Tax credits have consistently benefited students with a choice, saved money for all taxpayers and public school districts. School choice has even helped reduce the classroom sizes in public schools.
Last July, Cornerstone entered into an arrangement with ACSI's Children's Tuition Fund to incorporate Cornerstone Prep EITC Scholarship Supporters, LLC. The new entity remained on a waiting list until the Pennsylvania Department of Community and Economic Development recently authorized us to begin doing business with temporary access to the full $750,000 of potential funding that we requested.
The DCED authorizes short-term opportunities for enrollment in new special purpose entities participating in Pennsylvania's Educational Improvement Tax Credit Scholarship programs for their first year. We are very grateful for this opportunity, and for the supporters and advocates of these school choice initiatives in the PA House, Senate, and the Governor's office since program inception in 2001.
Cornerstone's challenge is to secure members in our SPE whose total contributions for scholarships total $750,000 by July 28, which locks in access to the full $750,000 for future years! That makes a HUGE difference for students in our service area and the schools who enroll them.
ACSI/CTF acts as the administrator of the Cornerstone Prep EITC Scholarship Supporters, LLC. ACSI works with Cornerstone in the enrollment process for new members, therefore CTF staff require a few days to process enrollment applications and payments prior to the DCED deadline. Please keep us informed if you are working to make the deadline so we can help.