Tuesday, May 14, 2019
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
Monday, April 16, 2018
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."
Thursday, February 1, 2018
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.
Thursday, January 18, 2018
NEW YORK, NY -- Philanthropic organizations have been on edge since Republicans rammed through the monumental tax bill: Will Americans give as generously now that the incentives have completely shifted? Findings suggest that the the Tax Cuts and Jobs Act of 2017 may deal a particularly devastating blow to charities that make up the private social safety net . . .
Wednesday, January 17, 2018
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 ...
Friday, January 5, 2018
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.”