Over the course of almost a decade, Georgia Power reaped $64 million in state tax savings from port tax credits — tens of millions of dollars more than Georgia legislators had intended.
The Atlanta utility’s huge port tax credit claims — rivaling what had been statewide totals for all companies — set off a scramble by state tax officials for reasons to deny the claims. After more than a year of delay by the Georgia Department of Revenue, Georgia Power sued and won a $64 million settlement last year.
Meanwhile, state lawmakers responded to the dispute by rewriting the law, closing the “porthole” to Georgia Power, at least for now.
Georgia lawmakers created a whole new cargo of corporate tax breaks in April. Georgia Power’s use of the port tax credit shows how such tax legislation can create unexpected — and costly — consequences.
In Sunday’s newspaper, the AJC takes a deep look at Georgia Power's state tax windfall. It’s a story you’ll get only by picking up a copy of The Atlanta Journal-Constitution or logging on to the paper’s iPad app. Subscribe today.
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