HARTFORD, CT -- CCP follows up on bills SB1137 and SB38, that would have levied new taxes on nonprofits with endowments, pension accounts, or significant savings accounts.
Tax and Regulatory Issues
HARTFORD, CT — Every four years since 1965, nonprofits have been required to remind municipal tax assessors why they should be exempt from property taxes. But according to a member survey conducted by the Connecticut Community Nonprofit Alliance, municipalities have been denying those tax exemptions on an increasing basis. About two thirds of the 35 nonprofits responding to the survey said their properties - which had a history of being tax exempt and had no changes of use - were suddenly being denied tax exemptions in 44 towns.
HARTFORD, CT -- David Obedzinski, president of the Community Foundation of Greater New Britain, voices his concerns about changes in the federal tax law that may negatively impact charitable giving in 2018. He encourages increased volunteering and giving to nonprofits, "Let's work together to shift the focus to what's best for our community without leaning on a potential tax deduction as a motivator. Let's do it for the right reasons, together, as one generous nation, indivisible and with care for all."
WASHINGTON, DC -- In rare bipartisan agreement, Congress on Friday approved a massive budget deal that will increase federal spending in Connecticut, providing big boosts for the state’s defense industry and health care programs and even helping schools educate displaced students from Puerto Rico. ...A new measure was added to the extenders package that would help Westport’s Newman’s Own Foundation, which gives 100 percent of the profits made from the Newman’s Own food business to charity, but would have been hit with a 200 percent tax this year unless it divested or got the exception.
WASHINGTON, DC -- A massive budget agreement headed for a vote in the Senate contains a provision that would save Newman’s Own from a thorny tax problem that threatens Paul Newman’s iconic food company.
NORWALK, CT -- Newman’s Own Foundation has reached the milestone of $500 million in donations since 1982, when the late actor Paul Newman began selling salad dressing and devoting profits to charities. But the foundation is inching closer to a self-proclaimed April deadline at which point it has indicated it could begin the process of soliciting buyers for the operating company that has been the engine that generates its funds. That would happen if Congress does not create an exemption for huge excise taxes it faces under the new Tax Cuts and Jobs Act.