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
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.
WASHINGTON, DC -- Christine Stuart, the editor of CT News Junkie, a popular blog about Connecticut’s politics and public policy, reports on how community-based nonprofits are adjusting to recent state budget cuts, following years of underfunding. Mentioned in the article are the results of Connecticut Council for Philanthropy's member survey and Hartford Foundation for Public Giving's planned to offer $1 million to help nonprofit organizations adjust to Connecticut state budget cuts.
WASHGINGTON, DC -- Both the tax bill the Senate hopes to vote on this week and a House-passed tax overhaul would keep the popular charitable deduction, but non-profits say the legislation still would shrink American help to those in need. CT Community Nonprofit Alliance President Gian-Carl Casa says the bills would “devastate” the state’s community based non-profits.
View updates and analysis on the 2-year state budget bill and the Tax Cuts & Jobs Act tax bill introduced in the House last week.
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.