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Educational Improvement Tax Credit
Individuals and businesses have the option to direct their PA state tax dollars to Watermark Classical Academy student scholarships through the Educational Improvement Tax Credit (EITC) program. This means that your tax dollars will allow Watermark to increase the number of students who receive scholarship.
WCA is partnering with the Central Pennsylvania Scholarship Fund (CPSF) to bring this program to our community.
HOW IT WORKS
When you participate in the EITC program, the entirety of your designated contribution will become part of the WCA scholarship fund and you will receive a tax credit for 90% of your contribution.
Example:
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You submit a contribution of $4,000.​
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WCA receives the $4,000 in scholarship funds and you get $3,600 in the form of a state tax credit.​
How to Participate
1
Determine Your PA State Income Tax Liability
Your PA state income tax liability can be found on line 12 of your most recently completed PA state tax return.
2
Complete the SPE Pledge Form
Once you know your PA state income tax liability, fill out the SPE form* to designate your contribution** and send the completed form to the CPSF.
*This form is for individual participants, interested businesses should contact a tax professional.​​
*​​​*Minimum contribution: $3,500​​
Receive Your Award Letter
Upon approval of your tax credit request, you will be notified by the CPSF.
3
Submit Your Contribution
Send your pledged amount as directed by the CPSF.
4
5
File Your K-1 and Receive a 90% Credit on Your PA State Income Liability
After your contribution is made, a K-1 tax form will be sent to you to file with your taxes. This form will provide you a 90% tax credit on the contribution you made.
Have questions? Please direct all EITC inquiries to: