Wall Street Journal, April 2, 2010
Verizon Communications Inc. announced it expects to record a one-time noncash charge of $970 million in the first quarter, to account for the anticipated impact of the recently enacted U.S. healthcare overhaul. In a separate SEC filing, electric and gas utility Exelon Corp. disclosed it expects to record a noncash charge of about $65 million in the first quarter, also related to the healthcare overhaul. The overhaul prevents companies from deducting tax-free subsidies it receives from the federal government for providing retirees with prescription-drug benefits. Exelon said the reduction of the tax deductions was estimated to increase the company's total annual income tax expense by about $10 million to $15 million, the Wall Street Journal reports.
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