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Hearing Set on Healthcare Charges to Earnings

Ending tax-free status of federal retiree drug subsidy key issue

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The House Committee on Energy and Commerce scheduled a hearing later this month to discuss a number of large companies’ decision to take charges to earnings based on a provision in the healthcare reform measure.

AT&T, for example, said it would take a $1 billion charge in the current quarter. Deere announced a charge of $150 million, Caterpillar $100 million and 3M $90 million charge. The charges reflect a tax the new law imposes on a federal subsidy to companies that provide prescription drug coverage to their retirees.

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