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Blumenthal, Murphy: Save Tax Exemption For Newman's Own Foundation
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 ...
Newman's Own Threatened With Punitive Tax After Exemption Nixed From Tax Overhaul
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.”
Glitch In GOP Tax Bill Creates Uncertain Future For Newman’s Own
WESTPORT, CT -- A glitch in the Republican tax overhaul has created an uncertain future for Newman’s Own Foundation and the food company it operates. Under the 1969 tax law, Newman’s Own had five years to divest itself from the business after Newman’s death in 2008, or face a 200 percent tax on its assets. Newman’s Own was able to get congressional support for a waiver to extend that an additional five years. That waiver expires in November 2018.
Newman's Own Foundation and the Tax Overhaul: Two Cases of “Who Knew?”
WESTPORT, CT -- Newman's Own Foundation is facing a very stiff tax penalty that could cause it to sell off its ownership in the food conglomerate that shares its name or even disband altogether if a provision in the tax reform bill currently being deliberated is not included.
Newman's Own faces Mammoth Tax Bill After Lawmakers Fail to Spare the Foundation
WASHINGTON, DC -- A decision by the Senate’s parliamentarian could force the sale of the late actor Paul Newman’s food company, and dismantle his charity.