Today's traditionally tax day, but not for Big Energy
Did you pay more than a penny in income taxes over the last 3 years ?
These corporations didn’t:
Ohio’s investor-owned utilities FirstEnergy, AEP and Duke Energy haven’t paid federal income taxes in years according to a report by the Institute on Taxation and Economic Policy, a nonprofit, non-partisan think tank.
A neat trick: FirstEnergy ducks their tax bill while shifting costs onto consumers.
FirstEnergy is still on the hook for its $61 million statehouse corruption scandal to pass House Bill 6 - a $1.3 billion bailout package called the "worst energy policy in the nation." Most of the bailout money was meant to prop up FirstEnergy's two failing nuclear plants, but more than $100 million has gone to subsidize two dirty, Eisenhower-era coal plants partially owned by AEP and Duke. While the companies pleaded for bailouts from Ohio ratepayers, their tax information shows healthy revenue.
FirstEnergy netted almost $3.7 billion before taxes over the past three years, yet it’s allowed to show a loss for tax purposes.
Governor Mike DeWine and lawmakers have quietly repealed $1 billion in nuclear bailout subsidies, but the coal subsidies continue to roll in. The Ohio Consumers’ Counsel says that so far $107 million in coal subsidies have gone to OVEC coal plants since the beginning of 2020. Another $233,000 rolls in EVERY DAY.
Ratepayers pay federal income taxes in addition to state and local taxes — PLUS their electric bills. It's past time for Ohio utilities to pay their fair share of taxes, too.