Word: tax-exempt
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State Rep. Saundra M. Graham (D.-Cambridge) yesterday introduced a bill in the Massachusetts House that would bar Massachusetts universities with South African-related investments from issuing tax-exempt bonds...
Proponents of the measure said enactment could induce Harvard, which has been the main beneficiary of state-sponsored tax-exempt bonds, to divest in order to continue expanding. Harvard stands to lose between $20 million and $130 million in revenues if the measure passes, said Berger...
...addition, the funding of Robertson's early political efforts is being investigated by the IRS. Michael McManus, a syndicated columnist specializing in religious issues, has documented $8.4 million that went from Robertson's tax-exempt Christian Broadcasting Network to now defunct "educational" groups like the Freedom Council, which allegedly paid for much of the TV preacher's initial political organizing. The Robertson campaign has not disputed McManus' figures, which were obtained under the Freedom of Information Act. But Communications Director Constance Snapp says, "All monies given to the Freedom Council by CBN were perfectly legitimate from both a legal...
...ministry is also involved in a dispute over its tax-exempt status. Depending on how much of the operation is declared exempt, the IRS says, the PTL could owe as much as $82 million for unpaid taxes on business income from its Heritage U.S.A. theme park and other ventures...
Vellucci often claims credit for the fact that both universities give the city payments "in lieu of taxes" based on the value of their tax-exempt properties in the city. Harvard pays about $850,000 each year, and MIT a little less...