San Bruno penalty remains tax write off for PG&E
Source: San Francisco Chronicle
SACRAMENTO — A legislative effort to prevent Pacific Gas & Electric Co. from getting a tax deduction on most of the $1.6 billion fine the state imposed for its role in the deadly San Bruno gas line explosion failed in the Senate on Thursday.
PG&E can write off $1.3 billion of the fine according to current state law, which could save the company $115 million. Whether the utility takes the state tax deduction, which was levied this year, will not be known since the company’s return is protected by taxpayer confidentiality laws.
Sen. Jerry Hill, D-San Mateo, said the public is on his side in thinking PG&E should not be able to write off its penalty.
... All 14 Republican members of the Senate voted against the bill. One member, Sen. Cathleen Galgiani, D-Stockton, abstained from voting. The bill failed 25-14. It needed 27 aye votes to pass with a two-thirds majority vote.
Read more: http://www.sfgate.com/politics/article/San-Bruno-penalty-remains-tax-write-off-for-PG-E-6484220.php
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