PPG to Take First Quarter Charge Due to U.S. Health Care Reform

摘要

PPG Industries says it will take a one-time aftertax charge of about $85 million, or 51 cts/share, in the first quarter as a result of a change in U.S. tax law that is part of the recently-enacted U.S. Patient Protection and Affordable Care Act. Under the prior tax law, the total amount paid for prescription drug costs for retirees over the age of 65 was tax- deductible. However, these costs will only be deductible to the extent they exceed the amount of the annual subsidy PPG receives from the U.S. government under Medicare Part D, starting in 2013.