Many Utilities Collect for Taxes They Never Pay
by Angry White LiberalGot this from Dennis Kobray at the Green All Views Listserv.
Many electric utility companies across the nation are collecting billions of dollars from their customers for corporate income taxes, then keeping the money rather than sending it to the government.
The practice is legal in most states. The companies say it is smart business.
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Among the electric utilities whose customer tax payments are not reaching tax coffers is Pepco, serving four states and the District of Columbia. Pepco collected nearly $546 million from customers to cover its income tax bill for the years 2002 through 2004. Yet the parent Pepco Holdings did not pay income taxes during those years; indeed, it received $435 million in tax refunds.
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