City Council mulls ending tax program for Con Edison
June 24, 2008
The city wants Con Ed removed from a tax-abatement program, but the utility warns it would have to pass its ensuing 10-year, $1 billion loss on to its customers.
The City Council yesterday passed a measure urging the state Assembly to make Con Ed ineligible for a state initiative known as the Industrial and Commercial Incentive Program.
If that happens, Con Ed said, it would have to shell out at least $1 billion more in state taxes over a decade and pass that on.
“This program has saved New York City customers hundreds of millions of dollars for years,” spokesman Chris Olert said.
While City Hall estimates the shift would cost customers 70 cents a month, Con Ed predicts at least a $2 monthly spike.
The council passed the measure, 40-4. Andrew Brent, a spokesman for Mayor Bloomberg, said the move was spurred by a 2007 city report that found the program to be “outdated and inefficient.”
Source: NY Post
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