March 3, 2006 |
By
Keith Martin in Washington, DC
CONNECTICUT is considering whether to impose a “windfall profits” tax on power companies. The state attorney general, Richard Blumenthal (D), called on the legislature in late February to enact such a tax. Blumenthal said a tax of 25% on revenue earned above a 20% profit level at just three power plants in Connecticut — Millstone II, Millstone III and Bridgeport Harbor — would bring in $178 million in additional taxes in 2006. He wants to use the revenue, in part, to seed a new public agency that would go into the business of building, owning and operating power plants. The legislature is scheduled to adjourn by May 3.
