The record $1.675 billion penalty PG&E Corp. has agreed to pay for the deadly 2017 and 2018 wildfires could generate a big tax deduction for the beleaguered California utility.
A hearing officer at the California Public Utilities Commission has told PG&E to spell out how much of the penalty it believes it can deduct from its federal or state taxes, and “what would be the corresponding tax savings” by reducing the company’s taxable income.