After four years and four tries, El Paso Electric Co. (EPE) has finally got a plan, and a ticket out of bankruptcy. EPE's fourth amended reorganization plan has been approved by the federal...
N.Y. Legislature May Ease Tax Burden
The New York State Senate Energy and Telecommunications Committee is holding a series of hearings on the phase-out of the gross receipts tax (GRT). Utilities in New York State have been arguing that the GRT and unwanted purchased-power contracts have driven the price of electricity up to a noncompetitive level. Testimony pointed out that, regardless of the methods used to introduce competition, New York state utilities would not be able to fairly compete with out-of-state suppliers.
Gladys L. Cooper, assistant vice president at Central Hudson Gas & Electric Co., proposed that GRT repeal take the form of a corporate franchise or income tax similar to that paid by other businesses, based on net revenues. Alternatively, Central Hudson supports the phase-out of the GRT over five to seven years, concurrent with a phase-in of the franchise or income tax. Presently, the GRT costs Central Hudson customers about 4.5 cents of every dollar billed.
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