On the bottom of the electrical bill they’re there like uninvited guests finishing all the spirits: State taxes. Local taxes. Federal taxes. Incontinental Transfer taxes. Candle taxes. Watching too much Taxi reruns taxes. But a new report by the New York Times reveals that in many cases those taxes earmarked for corporate income tax are staying in the companies treasury, to the tune of billions and billions of dollars.
“An examination of regulatory filings by The New York Times shows that companies with electric utilities in at least 26 states have pocketed money intended for income taxes, and that utilities can legally do so in 21 more states.”