Southern California Gas Co.

23 Cal. 3d 470 (1979), 591 P.2d 34

The Court affirmed a Commission decision reducing Petitioner’s rate of return by .25 percent based on Petitioner’s improved financial position resulting from investment tax credit benefits provided by the Federal Tax Reduction Act of 1975.  The decision reflects the energy sector’s lone participation in the “tax wars” of the 1970’s, one principally fought in the telecommunications sector.  (See Paras. 62, 65 and 66, infra.)

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