EITC TAX-CREDIT
YOUR TAX DOLLARS, YOUR CHOICE!
This is your chance to receive a 90% tax credit while supporting Philadelphia Youth Basketball in an easy process.
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By redirecting your state tax dollars to PYB through the Educational Improvement Tax Credit Program (EITC), individuals and businesses make a tremendous impact on our young people.
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Participating is simple. Commit to a year or more. This scholarship gift will qualify you for a state tax credit of 90%. That’s It!
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Determine Eligibility
Review eligibility requirements to determine whether a donation through the EITC program is right for you!
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Must have PA-Source Income - there is a minimum donation of $5,000 with an agreement to contribute the same-sized gift in the following year. Generally, households with a yearly income of $200,000 or above have $5,000 or more in PA state income tax
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Must be employed by or a shareholder of, a partner in, or a member of a business that pays taxes in PA. You may qualify by owning shares (not mutual funds) of a company that pays taxes in PA
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Must be current on all state and federal tax obligations
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Ineligible: 1099 employees, employees of non-profits (hospitals, universities), federal, state, & local employees, and individuals who work for companies outside of PA, unless they own stock.
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Contact PYB
Before you make a donation, let PYB know that you would like to participate in the EITC program this year!
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Reach out to Emily Jordan, PYB's Vice President of Development, at ejordan@phillyyouthbasketball.org
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Request Paperwork & Donate!
PYB will connect you with Friends of Education, LLC to make your donation, helping us impact thousands of young people!
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FREQUENTLY ASKED QUESTIONS
Who is eligible to participate?
This program is available to both businesses and individuals alike. If you pay at least $5,000 in Pennsylvania state taxes, you most likely qualify. For individuals, you must be an employee, owner, or shareholder of a business authorized to do business in Pennsylvania. This includes non-profit employees and retirees as long as you own stock in a business that operates in Pennsylvania.
How do I apply? What is the process?
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Step 1. Consult your tax advisor or accountant to confirm your eligibility.
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Step 2. Determine your Pennsylvania tax liability for two years and the amount you want to redirect your taxes.
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Step 3. Sign our SPE joinder agreement and reserve your spot as soon as possible! It’s first-come, first-served.
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Step 4. Write a check made payable to Educational Opportunities LLC (NOT PYB) and send it to 101 Greenwood Avenue, Suite 380, Jenkintown, PA 19046. We can also send wire instructions upon request.
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Step 5. The SPE passes 100% of your contribution to Philadelphia Youth Basketball, providing enrichment programming to youth in Philadelphia.
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Step 6. Around February of the following year, you will receive a K-1 Statement for your Pennsylvania taxes that will include your 90% tax credit.
If I'm eligible, am I guaranteed a tax credit once I apply?
Tax credits are available on a first-come, first-served basis. This is a popular program that fills up fast! To make sure you receive a tax credit this year, submit your signed joinder as soon as possible and reserve your spot! Checks are due either in the spring or fall. We recommend joining in the spring if you know your state tax liability at the beginning of the year and want to avoid paying your quarterly estimated taxes. Also, this is a more guaranteed time. You can also sign up in the fall, if you need a little more time, but know this is the more sought-after deadline. There may be a waiting list due to high demand so get in your joinder early.
Will my entire contribution directly support Philadelphia Youth Basketball?
Yes! 100% goes to programmatic support.
Is the other 10% of my contribution tax deductible?
Yes! If you itemize your deductions at tax time, the other 10% of your contribution qualifies as a federal charitable donation.
What are Special Purpose Entities (SPEs)?
Special Purpose Entities (SPEs) are used in Pennsylvania to aggregate contributions from individuals interested in the Education Improvement Tax Credit (EITC) programs. Individuals sign joinder agreements to participate in a SPE, and our partner, Friends of Education LLC makes it possible for you to receive the tax credit.
Who is Philadelphia Youth Basketball’s partner?
We partner with an organization called Friends of Education LLC that receives the awards from the state, processes the paperwork for us, and passes 100% of the funds to us. They are CPAs who manage the SPEs and provide this service in collaboration with PYB. They also work with hundreds of organizations and schools across the state. Friends of Education LLC will send your K-1 Statement in February and will also follow up with you regarding your next year’s participation. The program is increasingly popular so the sooner you reserve your spot by completing our joinder agreement, the better. They accept sign ups in the spring and fall.
Should I fill out the joinder in full, even if I am uncertain about the amount that I will be paying in PA state taxes?
Yes, by filling out the joinder, you are essentially reserving your tax credit. It is possible to adjust the amount listed on your joinder before you need to write a check. For assistance, contact Emily Jordan at ejordan@phillyyouthbasketball.org.
Can I adjust the amount listed on my joinder once a new calendar year begins?
We hope that individuals will make at least a two-year commitment but there is no term limit and you can continue for however long you wish to participate. You will be reminded to reapply, at which point you can adjust your contribution amount.
Current EITC Donors!
Melissa & Paul Anderson
The Aschkenasy Family
Brucie & Edward Baumstein
Iris & Larry Brownstein
Liz Dailey & Patrick Cozzi
The Denning Family
Joseph & Stuart Fenkel
Laura & Jeff Gottlieb
Julie & Alan Gubernick
Lauren & Michael Heller
Amy & Kenny Holdsman
Shanin Specter & Thomas Kline
Jill & Chip Kurtzman
Jackie & John Langel
Rachel & Richard Lester
Ilene and Steven Miller
Cheryl McCullough
Melissa & Al Parker
Lynn & Mark Samson
Denise & Sam Silvers
Holly & Larry Stone
Mary Catherine & Andrew Souder
Unified Management Company LLC
Richard Worley