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PHILADELPHIA ELECTRIC PAID $583.5 MILLION IN TAXES

 PHILADELPHIA ELECTRIC PAID $583.5 MILLION IN TAXES
 PHILADELPHIA, April 28 /PRNewswire/ -- Like individuals and


businesses everywhere, April 15 was Tax Day for Philadelphia Electric Company (NYSE: PE).
 On Wednesday, April 15, PE completed $376.4 million in state and federal tax payments, part of which was a final payment of 1991 taxes and a portion as pre-payment of 1992 taxes.
 For all of 1991, $583.5 million in federal, state, and local taxes was charged against Philadelphia Electric operations, representing 14.6 cents on every dollar of the company's operating revenue. For the residential customer using 500 kilowatt hours, nearly $11 of the $73.88 monthly bill accounts for taxes.
 In two payments, March 15 and April 15, the company sent $345.5 million to the Pennsylvania Department of Revenue with an additional $30.9 million paid to the federal government, New Jersey and Maryland.
 Of the total payment to the Commonwealth, $169 million is assessed from the Gross Receipts Tax and another $75.9 million from the Public Utility Realty Tax that apply only to utility companies. Other state tax payments were: Corporate Net Income ($88.7 million) and Capital Stock ($11.8 million).
 PE's payment to Pennsylvania was 72 percent higher than the tax payment made in April 1991. Much of the increase resulted from a change in tax rates that took effect last year.
 In other payments, PE sent $29 million to the federal government and $912,772 in income and franchise taxes to the Commonwealth of Maryland. PE also paid $902,821 to New Jersey. While New Jersey is not part of PE's service territory, the company owns a partial share of the Salem Generating Station in New Jersey.
 /delval/
 -0- 4/28/92
 /CONTACT: Michael Wood of Philadelphia Electric, 215-841-4125/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:


MK -- PH031 -- 3932 04/28/92 15:08 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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