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These excerpts taken from the PCG 8-K filed Oct 28, 2005. Income Tax Expense
In 2004, the Utility’s income tax expense increased by approximately $2.0 billion, or 387%, as compared to 2003, mainly due to an increase in pre-tax income of approximately $5.1 billion for the year ended December 31, 2004, primarily as a result of the recognition of regulatory assets associated with the Settlement Agreement, as compared to the same period in 2003. This increase was partially offset by the recognition of tax regulatory assets established upon receipt of the Utility’s 2003 GRC decision. The effective tax rate for the year ended December 31, 2004 increased by 2.9 percentage points. This increase is due mainly to increases in the effect of regulatory treatment of depreciation differences and lower tax credit amortization in 2004.
In 2003, the Utility’s income tax expense decreased by approximately $650 million, or 55%, as compared to 2002, mainly due to a decrease in pre-tax income of approximately $1.5 billion for the year ended December 31, 2003. In 2003 the effective tax rate decreased by 2.9 percentage points from 2002. The decrease is due mainly to the effect of regulatory treatment of depreciation differences.
Income Tax Expense
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In the three months ended March 31, 2005, the Utility’s tax expense decreased approximately $2.0 billion, or 93%, compared to the same period 2004, mainly due to a decrease in pre-tax income of $4.8 billion for the three months ended March 31, 2005. This decrease is primarily the result of the recognition of regulatory assets associated with the Settlement Agreement for the first quarter of 2004, with no similar amount recognized in the same period in 2005. The effective tax rate for the three months ended March 31, 2005, decreased by 1.7 percentage points compared to the same period in 2004. This decrease is due mainly to the effect of regulatory treatment of depreciation differences and state income taxes.
This excerpt taken from the PCG 10-K filed Feb 18, 2005. Income Tax Expense In 2004, the Utility's income tax expense increased by approximately $2.0 billion, or 387%, as compared to 2003, mainly due to an increase in pre-tax income of approximately $5.1 billion for the year ended December 31, 2004, primarily as a result of the recognition of regulatory assets associated with the Settlement Agreement, as compared to the same period in 2003. This increase was partially offset by the recognition of tax regulatory assets established upon receipt of the Utility's 2003 GRC decision. The effective tax rate for the year ended December 31, 2004 increased by 2.9 percentage points. This increase is due mainly to increases in the effect of regulatory treatment of depreciation differences and lower tax credit amortization in 2004. In 2003, the Utility's income tax expense decreased by approximately $650 million, or 55%, as compared to 2002, mainly due to a decrease in pre-tax income of approximately $1.5 billion for the year ended December 31, 2003. In 2003 the effective tax rate decreased by 2.9 percentage points from 2002. The decrease is due mainly to the effect of regulatory treatment of depreciation differences. | EXCERPTS ON THIS PAGE:
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