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Verizon to take $970M charge from health care bill

NEW YORK (AP) - Verizon will record a $970 million non-cash charge in first quarter related to the recently passed health care bill.

The charge reflects the change of the tax treatment of Medicare subsidies, according to a regulatory filing from the New York-based
telecommunications company Thursday.

Companies say the health care overhaul, which President Barack Obama signed last week, will make a subsidy that companies receive for retiree drug coverage taxable in 2011.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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