PG&E could receive tax break for settling with wildfire victims
SAN FRANCISCO - Pacific Gas and Electric could get a tax break for settling with wildfire victims.
In new paperwork filed with the California Public Utilities Commission on Friday, PG&E estimates it could save $468 million by deducting its $1.8 billion settlement with regulators over the 2017 and 2018 wildfires.
Some lawmakers argue it's allowing the utility to benefit from what should be a penalty, but because the settlement is not technically a fine, PG&E says it can deduct the money from its federal and state taxes.
As part of the deal, the utility agreed not to pass on the loss to ratepayers.
In a statement to KTVU, the utility apologized for their role in the deadly fires and promised it is learning from the past.