Major underwriter seeds Connecticut foundations repair fund

Sources: The Travelers Companies Inc., Hartford, Conn.; CP staff

A $5 million Travelers Cos. fund will assist Connecticut customers whose homes exhibit concrete deterioration associated with expansion attributed to pyrrhotite, an iron sulfide-bearing compound identified in aggregate from a Willington, Conn. quarry. The voluntary Travelers Benefit Program offers up to $25,000 and $10,000, respectively, to current and past policyholders whose repair costs exceed awards from the recently launched Connecticut Foundations Solutions Indemnity Company (CFSIC). 

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Foundation end use determines state’s taxing of ready mixed and rebar

Source: Ryan LLC, Dallas

Missouri provides contrasting outcomes regarding the application of sales tax to purchases of concrete for foundations. The Missouri Department of Revenue’s mid-February Letter Ruling 7780 concludes that a taxpayer’s purchase of ready mixed and rebar used to construct wind turbine tower foundations qualifies for the sales tax exemption covering machinery and equipment used in manufacturing.

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