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.
Tax and Regulatory Issues
Tuesday, December 12, 2017
Thursday, December 7, 2017
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.
Friday, November 3, 2017
WASHINGTON, DC -- The president and CEO of Newman’s Own Foundation has lobbied for six years to save his foundation from a 200 percent tax, but didn’t know until Nov. 2 that the provision had been included in the House GOP tax bill. The foundation would be hit with the 200 percent tax in 2018 unless it has divested, but would be spared if the House Ways and Means Committee bill provision—which would exempt private foundations from the penalty if they meet certain requirements—is enacted.