tax break

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Budget deal would rescue Newman’s Own from tax problem

WASHINGTON — 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. “This is not a tax break for Newman’s Own. It is simply legislative permission for us to continue to exist…,” said Bob Forrester, president and CEO of the Newman’s Own Foundation. Continue Reading →

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IRS extends tax break for crumbling foundation repair costs

WASHINGTON – In a new decision, the Internal Revenue Service will allow Connecticut homeowners with crumbling foundations to take a federal tax deduction for the cost of any repair made before 2021. The campaign for the tax break was spearheaded by Reps. John Larson, D-1st District, and Joe Courtney, D-2nd District, last year. Continue Reading →

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Tax bill glitch endangers future of Newman’s Own and actor’s foundation

WASHINGTON — The Westport-based Newman’s Own Foundation was on the verge of securing a provision in the federal tax overhaul that would have spared it from an unusual 200 percent tax hike it is facing, when the Senate parliamentarian forced lawmakers to strip it out of the massive bill. That decision could result in the sale of late actor Paul Newman’s food company and significantly damage the foundation’s ability to continue to fund charities. Continue Reading →

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Murphy bill would create tax break for ‘angel’ investors

WASHINGTON – Sen. Chris Murphy would give “angel” investors a new federal tax break and is also co-sponsoring another bill introduced Thursday that would erase a barrier between those investors and start-up companies that need their money. Continue Reading →

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