WESTPORT, CT -- Sens. Richard Blumenthal and Chris Murphy wrote to Senate leadership Wednesday asking that a provision to protect the Westport-based Newman’s Own Foundation from a costly tax bill be included in ongoing federal budget negotiations. When Paul Newman died in 2008, ownership of the actor's ...
NEW BRITAIN, CT -- For the eighth consecutive year, employee volunteers from Farmington Bank spent a day at Holmes Elementary School using Junior Achievement curricula to teach the fundamentals of business and economics.
WESTPORT, CT -- Newman’s Own, the Westport food company founded by Paul Newman, faces a crippling tax penalty that threatens the iconic Connecticut’s company’s philanthropic mission. Newman’s Own Foundation owns 100 percent of Newman’s Own food company. The IRS gave the foundation five years to divest from the company. In 2013, it was granted another five-year waiver, which is set to expire in November. When it does, the IRS will levy a 200 percent tax on the foundation’s assets. There are about 25 other charities based on the Newman's Own model, with a for-profit company on one side and a foundation funneling those profits into philanthropy on the other, Forrester said. He plans to return to Washington and redouble his push for a legislative solution. “We’re committed to this, and we’re going to fight for this,” he said. “I think these next six weeks are going to decide things.”
BERLIN, CT -- For 10 years now, Comcast employees based in the Western New England headquarters in Connecticut, along with their friends and family, have knitted and crocheted for a cause. This year the group handmade over 260 hats and scarves, most of which were donated to Operation Gratitude, a non-profit organization that distributes care packages to active-duty troops, as well as veterans, wounded heroes and emergency first-responders. Over 2,000 pieces have been made and donated since the campaign began.
WATERBURY, CT -- Webster Financial Corp., one of the largest Connecticut-based banks, said Thursday it is joining the growing list of companies nationally handing out employee cash bonuses after federal legislation slashed corporate tax rates. Some of the savings from changes in corporate tax law will be shared in the community, boosting Webster's philanthropic endeavors by $1 million beginning this year.
WEST HARTFORD, CT -- For the sixth consecutive year, Farmington Bank’s West Hartford center branch office was the scene of community goodwill when it hosted the WTIC Holiday Store benefiting The Salvation Army for an entire day.