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STATE ELECTRIC COMPETITION CURRENTLY AT RISK: CLOSING TAX LOOPHOLE WILL ELIMINATE SAVINGS.
Crain's New York Business, December, 1998
The Pataki and Giuliani administrations are gearing up to eliminate a big sales tax loophole that has made retail electric competition viable in New York City. The moves have alarmed energy suppliers and local businesses that are relying on the loophole to lower their electric bills. The changes could put pressure on the state Public Service Commission to revamp its deregulation plan.
``If both the city and state sales tax incentives go away, electric deregulation for all intents and purposes in this town is dead,'' says Peter DiCapua, chairman of a consortium of eight major city real estate organizations that are taking advantage of electric competition. ``This could be harmful for businesses that will have underbudgeted their electric costs by a...
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